Polygon (MATIC) token has acquired a bullish overtone and is now trying to re-enter the $2 price levels. Being a little more than 25% away from its all-time high, Polygon is currently trying to break through the resistance present at the $1.98 price level.
In the last 90 days, the token has reached a high of $2.22 and a low of $1.01, proving to be an excellent investment. The monthly candle for October closed at $1.93, marking a price surge of more than 70%. However, the starting of November hasn’t been particularly bullish for Polygon as compared to 1st October, when the token rose by more than 12%.
The data from CoinmarketCap shows that the 24-hour trading volume of the token dropped by 9.10%, while the market cap currently stands at $12.9 billion.
Polygon price analysis on the daily chart using technical indicators
According to the technical indicators on the daily chart, the Polygon price analysis has been moving sideways in the short term, followed by a 21% price surge experienced on 28th October. With the prices moving up, the momentum is still above the 50-day and 100-day Moving Averages.
Furthermore, following a breakout from the upper end of the Bollinger Bands, the Polygon token (MATIC) is resting near the upper end. This indicates a bullish trend in the short term.
On the other hand, the RSI line has above the 60-level but below 70. This could further suggest that the buying pressure is prevailing as the token remains bullish in the short term.
The MACD indicator shows that the MACD line and the signal line are coming close, and if the blue line drops below after the intersection, a bearish divergence will occur. This generally means that lower prices will transpire in the short term.
Final Verdict
The final verdict from TronWeekly suggests that the current momentum for the token is bullish in the long term and new all-time highs are near. Although the current momentum is sluggish, higher prices are certainly possible.