Polygon Price Can Shoot Up After Partnership With Platform of  non-fungible token(NFT) 

2 min

Polygon Price Can Shoot Up After Partnership With Platform of  non-fungible token(NFT) 

The Polygon (MATIC) has reclaimed the $0.80 horizontal support area. While there is a short-term positive trend pattern in place, the direction of the longstanding trend is unclear. 

Polygon is a platform that provides a scaling solution for the Ethereum blockchain tech. It intends to transform Ethereum (ETH) into a multichain system, thus it can be considered an internet of blockchains.

What was previously known as Matic Network rebranded to Polygon in Feb. 2021. Similar to the Ethereum (ETH) network, it uses the proof-of-stake consensus.

The Polygon price has decreased underneath a descending resistance line since Dec. 2021. At the time, it had just reached an all-time high price of $2.92. The downward ended in 2022 with a low of $0.31. 

The Polygon price has been increasing since. In July, it broke out from the descending resistance line and the $0.80 horizontal area. The area is now providing support (green icons). The closest resistance area is at $1.70.

The weekly RSI is undecided since it is right at the 50 line. 

Consequently, whether the Polygon price breaks down from the $0.80 area can have substantial implications for the future price. A breakdown would likewise cause the RSI to fall below 50, suggesting that the price prediction  is bearish.

Conversely, a from the $0.80 area could be the catalyst for an upward movement toward $1.70.

Polygon Price Creates Double Bottom Pattern

On Nov. 22, Magic Eden, one of the leading non-fungible token(NFT)  marketplaces on  announced it would add Polygon as the third blockchain tech on its platform. has been moving upwards since, regardless of a small fall in the past 24 hours.

The six-hour technical shows that the Polygon price created a double bottom pattern (green icons). The second bottom took place after Polygon broke out from a short-term descending resistance line. Nonetheless, the pattern was not combined with positive trend divergence in the RSI, somewhat reducing its validity. 

If the pattern is validated, it could lead to an toward the $1.10-$1.20 resistance area. This would complete the C wave of an A-B-C structure.

Conversely, a fall below the second bottom of $0.76 would invalidate this Polygon price .

Why $0.80 Will Determine Trend Direction

The daily gives some unclear signs, more notably the daily RSI movement over and below 50.

Nonetheless, there is one positive trend sign in the form of a deviation and reclaim. The Polygon price deviated below the $0.80 area in Sept. 2021 (red circle). It reclaimed the area shortly afterward. Ever since, it has followed an ascending support line. 

Consequently, the $0.80 area can be considered a for the direction of the trend. A close below it would suggest that the trend is bearish.

For BeInCrypto’s latest cryptocurrency market analysis, click here.

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