Matic price analysis: polygon rises 1.5% to trade above $1.90

MATIC price has risen 1.5% over the last 24 hours to trade at $1.934. Polygon must defend the 50-SMA support to overcome the current selling pressure. A rise above the downtrend line will confirm a bullish breakout.

MATIC price rallied approximately 29% on October 28 to hit a high of $2.241. This MATIC rally shattered the $1.71 resistance as the Polygon bulls announced their return to town.

However, the price was rejected by the $2.240 resistance level signaling the start of correction that saw MATIC drop to seek support at the $1.753 support level on October 31.

The bulls have managed flip the $1.644 to $1.753 support zone into support which could provide a base for the next uptrend.

MATIC Price Bulls Must Defend The 50-SMA Support

Polygon price finds dynamic support from the 50 four-hour simple moving average since the late trading sessions of Sunday. This has seen the asset rise approximately 1.53% to the current rice around $1.934.

A break out above the downtrend line around $1.940 could trigger an upward rally towards $2.40 and eventually tag the all-time high (ATH) around $2.70.

The upsloping moving averages and the position of the Relative Strength Index (RSI) above the midline is a suggestion that the bulls are currently in control of MATIC price.

MATIC/USD Four-Hour Chart

On the four-hour chart, Polygon has bounced off the 50-period Simple Moving Average (SMA) at $1.823 which is currently providing robust support.

Therefore, a slip below the 50-SMA will invalidate the aforementioned positive outlook, a move that will indicate that the recent break above $2.20 may have been a bull trap. Because a drop below this level could see MATIC price drop to the $1.644 and $1.753 zone.

However, if bulls push the price above the downtrend line, it will be a suggestion that the overhead pressure is reducing. If this happens, it will be the start of an uptrend as bulls target the ATH above $2.70.

At the time of writing, MATIC teeters around $1.934 on most crypto exchanges.

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Nancy Lubale

Nancy is a successful finance, crypto analyst and content writer with many years of writing experience finance and blockchain fields. Nancy has been producing quality content for websites in the cryptocurrency industry including Krptotrends, Forexcrunch, InsideBitcoins and Economywatch. She is a Certified Cryptocurrency Expert (CCE) from Blockchain Council. Her interests are in cryptoasset research and technical analysis, Fintech, Blockchain, DeFi, NFTs and Personal Finance.Follow her on Twitter @NancyOmanga for more insights