MATIC price analysis: Polygon token’s price crashes as it jumps to 19th position

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TL;DR Breakdown

  • MATIC reached a daily high of $1.967 today.
  • The MATIC price analysis turned bearish, dropping to a daily low of $1.6
  • The nearest unbroken price support is present at $1.559

Polygon (MATIC) ranks among the top 20 biggest cryptocurrencies, rising from $0.01478 to $2.68 in the past 52 weeks. This is an extremely bullish performance shown by the MATIC token. Therefore our view on Polygon remains bullish for the long term.

MATIC’s price turned bullish on Thursday after the announcement of MATIC getting listed on the Bit2Me exchange, Spain’s largest cryptocurrency exchange. Following the creation of the weekly high early Friday, the MATIC price analysis also turned bullish as the token surpassed Chainlink in terms of market capitalization and claimed the 18th position in the market.

As per the data from CoinMarketCap, the trading volume surged by 36.72%, standing at $1.88 billion. Furthermore, the market cap of the token dropped by 9.71%, standing at $11.24 billion.

MATIC price analysis on the daily chart

MATIC price analysis on the daily chart remains bearish because the bulls are unable to keep up with the sellers who are cashing in their profits. The price action is currently testing the 50-day Moving Average while the 100-day Moving Averages remains intact as a key price zone and support level.

The prices were progressing in the upper end of the Bollinger Bands after the sudden bearish wave brought it down to the lower region, teasing an imminent breakout. If the prices break out, we will definitely see lower levels.

MATIC price analysis
MATIC price analysis on chart by TradingView

The RSI indicator turned bearish and is now entering the bearish region, i.e., below the 50-level. Furthermore, the MATIC price analysis also reveals that lower prices are possible since the gradient is sharply negative and selling pressure increases.

The MACD indicator witnessed a bullish divergence on the daily chart. However, this incredible surge in selling activity might help the signal line (orange) find its way above the MACD (blue) line, leading to a bearish divergence

MATIC price analysis: Polygon token's price crashes as it jumps to 19th position 1
MATIC price analysis on chart by TradingView

Conclusion

Polygon (MATIC) snatched the 19th position from Chainlink and is now ruling the position with a dominating trading volume. However, Chainlink is also not slowing down. The two tokens will continue to battle it out as Bitcoin remains sluggish and altcoins bleed. However, as per our MATIC price analysis, this is a great time to buy the Polygon token MATIC.