September 30, 2022

Polygon (MATIC) Price Prediction: Matic Prepares For 34% Upside As RSI Shows Bullish Divergence

2 min read

MATIC coin

Polygon (MATIC)price has actually been trading with gains in the U.S session on Monday. Risk hunger improves after the Russia-Ukraine ceasefire talks begin at the Belarus border after four days of Russian military action on the latter. International sanctions shaken the previous financial system as Rubble, Russian currency plunges 30% on Monday.

  • Polygon (MATIC) trades with impressive gains on Monday.
  • Anticipate a sharp recuperate to swing highs at $2.08 in a total 34% climb.
  • However, MATIC needs to shatter two upside barriers at 50-day and 200-day EMAs.

At the time of writing, MATIC/USD is altering hands at $1.48% for the day. The 24-hour trading volume of the 16th biggest cryptocurrency held at $991,059,375 with minimal gains of 6% as per the CoinMarketCap.

Technically speaking, Polygon (MATIC) has actually depreciated 65% from the record highs of $2.92 made on December 27. The downswing concerned stop in late January as the price checked $1.30 in addition to the formation of a ‘Hammer candlestick’, a bullish turnaround pattern.

MATIC touched swing highs at $2.08 on February 7 however bulls look unwilling to continue the gains even more as price retraced marking fresh lows of 2022 at $1.24.

However, the Daily Relative Strength Index (RSI) reveals positive divergence given that January 24, which is a silver lining in the middle of the consistent drop in the property. Investors need to smash the two upside barriers at 200-day and 50-day EMAs at $1.69 and $1.85 respectively.

Next, buyers will set their eyes on the essential $2.08 level.

On the flip side, an everyday close listed below the session’s low will negate the bullish theory with a review to the February low of $1.24.

Technical Indicator:

RSI: The RSI crossed above the average line with the current reading at 46.

MACD: The Moving Average Convergence Divergence (MACD) presently hovers below the midline with upcoming bullish momentum.

The post Polygon (MATIC) Price Prediction: Matic Prepares For 34% Upside As RSI Shows Bullish Divergence appeared initially on CoinGape.