Polygon price increased by 2.87% over the past 24 hours.

Polygon price increased by 2.87% over the past 24 hours.

Performance after Monday 06-Mar
Period Pct Chg Momentum
Monday -0.45% -0.0051
Week to-date 1.29% 0.0147
March -3.82% -0.0457

MATIC Analysis

Polygon (MATICUSDT) price for the week to-date gained 1.29% or 0.0147 higher to 1.15070. At time of writing into Tuesday’s trading session, Polygon has increased by 2.87% over the past 24 hours. For the record, MATICUSDT is -60.59% below all-time high of 2.92000. On Monday, MATIC dropped -0.45% to 1.13090.

On the daily timeframe, price is below 9-Day EMA and Stochastic oscillator is rising but in oversold zone, our analysis is that the price action might be set for a rebound.

For the month-to-date, MATIC is down by -3.82% or -0.0457 lower.

What can we expect from Polygon today?

Looking ahead for the day, we are looking at 1.15980 or 1.14740 (R1) as important resistance levels and daily low of 1.11440 and 1.11440 (S1) as key support levels. Polygon need to break on either side to indicate a short-term bias. A close below 1.11440 would indicate selling pressure.

For the week to-date, take note that Polygon is rising and up by 1.29% as the pair continued to trade higher in the past few days. Prior performance for the week ending 2023-03-05 was -11.37%.

Key levels to watch out:

R3 1.18040
R2 1.16390
R1 1.14740
Daily Pivot 1.13090
S1 1.11440
S2 1.09790
S3 1.08140

Last updated: 02:20 am UTC, 07-Mar 2023

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.

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