Polygon price increased by 3.37% over the past 24 hours.

Polygon price increased by 3.37% over the past 24 hours.

MATIC Analysis

Overall Performance
24-hr 7-Day 30-Day 1-Year Mkt Cap. 24-hr Vol.
3.37% -1.12% -17.31% -26.42% 10.38 bn 0.39 bn

Polygon (MATICUSDT) price over 7 days dropped -1.12% to 1.14320 . For the record, MATICUSDT is -60.82% below all-time high of 2.92000.

Over the last 30 days, MATIC is down by -17.31% while 12-month period is down by -26.42%.

For the week, our technical analysis on the price action looks pressured towards the downside as Polygon is not performing well over the last 7 days.

MATICUSDT Chart by TradingView

What can we expect from Polygon today?

At time of writing, Polygon has increased by 3.37% over the past 24 hours. Our analysis is that the price action looks mixed.

Looking ahead for the day, immediate upside resistance level at 1.16650 (R1) with break above could target 1.18980 (R2), while on the downside we are looking at daily low of 1.10270 as an important support. Break below this level could weaken the current bullish momentum.

Key levels to watch out:

R3 1.22170
R2 1.18980
R1 1.16650
Daily Pivot 1.13460
S1 1.11130
S2 1.07940
S3 1.05610

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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