MATIC Technical Analysis – October 2021
Over the last 30 days, MATIC has been bullish. It has increased by around 63% throughout this period, and it has faced resistance at $1.70. After that, the price entered consolidation as the price has been fluctuating in the same range.
In the last 7 days, MATIC has shaped a triangle pattern. This indicates that the price of MATIC might soon have a breakout. Since the trend is bullish, we could expect the price to have a bullish surge upwards.
An ascending wedge can be seen in the intraday chart. Such a pattern is bullish and it suggests that the price may keep increasing in the short run for MATIC. Overall, the price has been highly volatile.
The 20-day moving average is now below the price due to the bullish properties that MATIC has shown recently. This indicates that the trend is upward and that the price of MATIC can keep increasing in the coming days.
Relative Strength Index
The RSI of a daily chart has been increasing recently due to the recent price movement. Since it is not yet in the overbought region, MATIC can keep increasing before having a pullback. The same applies to a 4-hour chart.
In a daily chart, the MACD line is above the signal line and above the baseline, indicating that the momentum is bullish and that the price can keep increasing. In a 4-hour chart, the lines have recently intersected and the momentum might change soon.
Fear & Greed
The fear and greed indicator in a 4-hour chart suggests that the current emotion of MATIC traders is greed.
The Fibonacci retracement levels in a 1-hour chart suggest that the price has recently found support close to the 61.8% level. This indicates that the price can increase up to the 23.6% extension level in the coming hours.
Price Prediction MATIC – October 2021
Based on this technical analysis on Polygon (MATIC), we could see its price increase in the coming days and retest resistance at $1.70. If resistance is broken, then MATIC could as well attempt to reach a new all-time high. Other things equal, if BTC keeps increasing at the same rate as it has, then a price of $5 is quite possible for MATIC in the coming weeks.
Latest News for MATIC – Affecting Price
Polygon recently avoided losing $850 million from a DeFi bug. This could have had a catastrophic effect on the price of MATIC. However, since it was avoided and Polygon got rid of vulnerabilities, a sense of security is now in the Polygon community.