The price of Polygon (MATIC) has shown a remarkable recovery after a few weeks of consolidation. The price was up nearly 60% from January lows. Today is no exception, but investors are facing some upward pressure near the pivotal $2.0 level.
At the time of writing, MATIC/USD is trading at $2.01, up 3.85% for the day. Polygon records a $1.4 billion volume drop with its current market cap of $15 billion according to the CoinmarketCap.
Polygon (MATIC) posts gains on Wednesday. The price is struggling below the 50 SMA at $2.09. The momentum oscillator favors the current upward momentum.
MATIC represents a decisive point on the daily chart
Polygon (MATIC) is up from the low of $1.46, which is also the double support for the price. This level was first tested by the bulls in November, after pulling back more than 30% from the October high. Investors are entering short-term upward momentum, reaching an all-time high of $2.92 on Dec. 27.
Source: Trade View
However, MATIC lost 55% of total volumes and again tested the supply zone near $1.46. Now the declining trendline from the said high level acts as a strong barrier for the pair.
In addition, the price is already struggling below the 50-SMA which is putting selling pressure on MATIC. Taurus must resolutely break the bearish descending line to continue with the current bullish bias.
The Daily Relative Strength Index (RSI) is trading at 57, pointing to underlying bullish sentiment. Any rise in the momentum indicator could push MATIC towards the horizontal resistance line at USD 2.20 followed by the psychological level of USD 2.40.
On the downside, a failure to hold the session’s low would invalidate the bullish theory and result in it meeting Monday’s lows at $1.69.
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This post Polygon (MATIC) Price ready to go $2.45, buy at current level!
was published first on https://coingape.com/markets/polygonmatic-price-ready-to-take-out-2-45-are-you-buying/