Polygon price increased by 3.80% over the past 24 hours.

Polygon price increased by 3.80% over the past 24 hours.

Performance after Friday 03-Feb
Period Pct Chg Momentum
Friday 0.54% 0.0064
Week to-date 5.25% 0.0618
February 11.75% 0.1304

MATIC Analysis

Polygon (MATICUSDT) price for the week to-date gained 5.25% or 0.0618 higher to 1.23980. At time of writing into Saturday’s trading session, Polygon has increased by 3.80% over the past 24 hours. For the record, MATICUSDT is -57.54% below all-time high of 2.92000. On Friday, MATIC rose 0.54% to 1.18740.

On the daily timeframe, price is above 9-Day EMA and Stochastic oscillator is rising but in overbought zone, our analysis is that there is bullish momentum and price could continue to go higher.

For the month-to-date, MATIC is up by 11.75% or 0.1304 higher.

What can we expect from Polygon today?

Looking ahead for the day, we are looking at 1.25710 or 1.19707 (R1) as important resistance levels and daily low of 1.17640 and 1.17707 (S1) as key support levels. Polygon need to break on either side to indicate a short-term bias. A break above 1.19640 would suggest bullish bias after recent positive movement.

For the week to-date, take note that Polygon is rising and up by 5.25% as the pair continued to trade higher in the past few days. Prior performance for the week ending 2023-01-29 was 18.52%.

Key levels to watch out:

R3 1.21707
R2 1.20673
R1 1.19707
Daily Pivot 1.18673
S1 1.17707
S2 1.16673
S3 1.15707

Last updated: 01:09 am UTC, 04-Feb 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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