Polygon price increased by 1.22% over the past 24 hours.

MATICUSDT Chart by TradingView

MATIC Analysis

Polygon (MATICUSDT) price over 7 days gained 4.09% to 1.19990. At time of writing, Polygon has increased by 1.22% over the past 24 hours. For the record, MATICUSDT is -59.19% below all-time high of 2.92000.

On the daily timeframe, our analysis is that there could be selling pressure as the outlook looks bearish.

Over the last 30 days, MATIC is down by -3.25% while 12-month period is down by -13.14%.

What can we expect from Polygon today?

Looking ahead for the day, immediate upside resistance level at 1.24897 (R1) while on the downside, we are looking at daily low of 1.14150 as an important support. Break below this level could weaken the current bullish momentum.

Key levels to watch out:

About Polygon

Polygon (Previously Matic Network) is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications.Using Polygon, one can create Optimistic Rollup chains, ZK Rollup chains, stand alone chains or any other kind of infra required by the developer.Polygon effectively transforms Ethereum into a full-fledged multi-chain system (aka Internet of Blockchains). This multi-chain system is akin to other ones such as Polkadot, Cosmos, Avalanche etc with the advantages of Ethereum’s security, vibrant ecosystem and openness.Nothing will change for the existing ecosystem built on the Plasma-POS chain. With Polygon, new features are being built around the existing proven technology to expand the ability to cater to diverse needs from the developer ecosystem. Polygon will continue to develop the core technology so that it can scale to a larger ecosystem.The $MATIC token will continue to exist and will play an increasingly important role, securing the system and enabling governance.