News

Polygon (MATIC) Technical Analysis 2021 for Crypto Traders

In Polygon MATIC Technical Analysis 2021, we use past statistics, price patterns, RSI, and much other information about MATIC to analyze the future movement of the cryptocurrency. 

Polygon is the first well-structured, easy-to-use platform for infrastructure development and Ethereum scaling. Moreover, its core component is Polygon SDK, a modular, flexible framework that helps building multiple types of applications.

Polygon (MATIC) Current Market Status

According to CoinGecko, the Polygon price is trading at $1.81 with a 24-hour trading volume of $9,401,442,608, at the time of writing. However, MATIC has increased by 116.8% in the last 24 hours.

Moreover, MATIC has a circulating supply of 6,203,590,053 MATIC and a maximum supply of 10,000,000,000. Currently, MATIC trades in Binance, Huobi Global, OKEx, CoinTiger, and FTX. 

Polygon (MATIC) Technical Analysis 2021 

The recent development and upgrades might push Polygon (MATIC) to reach new heights. Now, let’s deep dive into the Polygon technical analysis 2021. 

MATIC holds 14th position on CoinGecko right now. The weekly time frame chart of Polygon (MATIC) is shown below.

MATIC/USDT Showing Falling Wedge Pattern
MATIC/USDT Showing Falling Wedge Pattern (Source: TradingView)

The above chart shows the Falling Wedge Pattern of MATIC. Moreover, the Falling Wedge is a bullish pattern that starts wide at the top and contracts as prices move lower. However, this price action forms a cone that goes down as the reaction highs and reaction lows converge.

MATIC/USDT Showing Morning Star Doji Pattern
MATIC/USDT Showing Morning Star Doji Pattern (Source: TradingView)

The daily time frame chart of Polygon (MATIC) is shown above. More so, a morning star is a visual pattern consisting of three candlesticks that is indicated as a bullish sign by technical analysts. A morning star forms following a downward trend and it shows the start of an upward climb. Moreover, it is a sign of a reversal in the past price trend.

Polygon (MATIC) RSI, MACD, and MA

The below chart shows the Moving Average Convergence/Divergence (MACD) of MATIC. Notably, the MACD (blue) continues to stay just above the signal indicator (orange line).  This means that cryptocurrency traders can still expect more bullish days ahead. 

In contrast, if the MACD begins to move below the signal indicator and performs a bearish crossover. Then the crypto has a high possibility of reaching new lows.

MATIC RSI and MACD
MATIC RSI and MACD (Source: TradingView)

Now let’s look at the relative strength index (RSI) of MATIC. As shown in the chart above, the RSI remains at level 58. This shows that MATIC’s price is in a nearly oversold state. However, this gives confidence for the traders to trade without any fear.

From the beginning of 2021, it is clear that the MATIC price has shown many bullish patterns. Furthermore, taking all these into account, MATIC could have a competitive market in 2021.

Conclusion

With the ongoing developments and upgrades that are taking place within the MATIC platform. The cryptocurrency MATIC has a fantastic future ahead in this crypto market. However, it is possible to see MATICreaching new heights.

Bullish MATIC price prediction 2021 is $6.5. As said above, it may reach great heights, however reaching $10 if investors have decided that MATIC is a good investment in 2021.

FAQ

Where can you purchase MATIC?

MATIC is listed on many cryptocurrency exchanges that include Binance, Huobi Global, CoinTiger and FTX. In which the crypto is available to be traded against fiat currencies, stablecoins and other cryptos.

will MATIC reach a new ATH soon?

with the ongoing developments and upgrades within the MATIC platform, it has the high possibility of reaching its ATH soon.

How is the Polygon Network Secured?

The MATIC PoS is an EVM compatible side-chain secured by a permisionless set of proof of stake validators and checkpoints which are submitted to the ETH Blockchain. Moreover, the MATIC holders can become delegators or who don’t want to run a validator node themselves. More so the revenue is shared with validators, delegators share the risk, responsible for choosing the best validators.

Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

Recommended for You

Carolyna Mavis

Cryptocurrency and blockchain tech interest has enticed Carolyna to write for NewsCrypto. She made her personal mission to help non-crypto geeks to understand the technology with ease.

Related Articles

Back to top button