Polygon (MATIC) Bulls Appear Ready to Extend Towards the $0.8500 Mark

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The crypto market seems to have gone cheap on profits today. as a result, Polygon, the second coin to have seen some profit has only moved by 0.19%. However, the market shows some good prospects from a technical indicator point of view. Let’s try to decipher what may soon happen in this market.

MATIC Statistics:
Current Polygon Value: $0.8083
Polygon Market Cap: $7,784,201,048
MATIC Circulating Supply: 9,610,774,784 MATIC
Polygon Total Supply: 10,000,000,000 MATIC
MATIC CoinMarketCap: 14

Key Price Levels:
Resistance: $0.8083, $0.8200, and $0.8400
Support: $0.8000, $0.7900, and $0.7800

 

Polygon Buyers Pick Support at a Favorable Baseline

In the MATIC daily market, it is revealed that buyers have been recording gains ever since price action bounced off the support at the $0.7257 price level. About two sessions ago, price action crossed above the 21-day Moving Average line. However, the previous session saw modest losses, but the following session saw buyers coming back to action.

Consequently, this suggests that buyers may be trying to establish support at this important landmark. Simultaneously, the Moving Average Convergence Divergence (MACD) lines keep rising steadily towards the equilibrium level. Meanwhile, the indicator seems to be indicating a rise in upside momentum even as price action attempts to find support just above the 21-day MA curve.

MATIC Retains Support Above the $0.8000 Price Level

In the Polygon 4-hour market, technical indicators seem somewhat divergent. While price action in this market remains bullish above the 21-day MA line, the Stochastic Relative Strength Index indicator curves are falling quite steeply into the oversold region. But at the same time, price action remains in a region on the Fibonacci Retracement indicator where buyers may still gather bullish convictions, given the position of price action above the MA line.

Likewise, considering the hyperreactions in the RSI, traders may assume that headwinds are weak. As a result, this market is less likely to cross below the 21-day MA line for a downward correction. However, as a precaution for setting up the best crypto signal, traders should factor in the possibility of unfavorable eventualities while anticipating the retracement of the $0.8500 price level.

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