Polygon (MATIC) is a Layer-2 Ethereum scaling solution designed to reduce transaction costs and improve throughput.
Price is Approaching Support, which is a level where it could pause or reverse its recent decline, at least temporarily. Support is often a level where price has bounced up in the past, or potentially prior Resistance level that was broken.
Once price breaks below support, it can move lower to the next support level.
Below is a comprehensive analysis based on the latest data and market conditions.
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MATIC NEXT TARGET
- Current Price: $0.362
- Market Cap: $853.87 million
- 24-Hour Trading Volume: $11.79 million
- Circulating Supply: 2.36 billion MATIC
- Total Supply: 10 billion MATIC
Price is in a Downtrend and recently made a new low, below the low of August 5th. If it breaks $0.43 resistance, it could reach the next minor resistance of 200-day moving average at $0.51.
Weekly Price Analysis
MATIC has shown moderate activity this week with slight fluctuations tied to broader market trends. Despite limited bullish momentum, the crypto has retained stability, indicating continued investor interest. Resistance levels were noted near $0.37, while support was stable around $0.34.
Trend: Short-term trend is Neutral, Medium-term trend is Down, Long-term trend is Strong Down.
Momentum is Bullish but inflecting. MACD Line is still above MACD Signal Line but momentum may have peaked since MACD Histogram bars are declining, which suggests that momentum could be nearing a downswing. Price is neither overbought nor oversold currently.
Support and Resistance: Nearest Support Zone is $0.33. Nearest Resistance Zone is $0.43, then $0.58.
Technical Indicators
- Relative Strength Index (RSI): Hovering near 48, signaling a neutral market sentiment.
- MACD: Shows a slight bearish crossover, suggesting cautious sentiment among traders.
- Moving Averages: 20-day EMA: $0.36, 50-day EMA: $0.37
Latest News
- Polygon zkEVM Developments: Polygon’s zero-knowledge Ethereum Virtual Machine (zkEVM) continues to gain traction as a leading innovation for scaling Ethereum.
- Carbon Neutrality Progress: Polygon remains committed to sustainability through carbon offset initiatives and partnerships with KlimaDAO.
- DeFi Integration: Recent collaborations with DeFi protocols have expanded Polygon’s ecosystem.
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