Polygon (MATIC) is one of the best performing cryptocurrencies in the daily timeframe. Polygon has been on a downtrend with a weekly loss of 7% but the recent price movements show a possible reversal of the downtrend. At the time of press, MATIC stands at a price level of $0.83. The price has increased by 33% in the past twenty-four hours while the daily trading volume has shot up by 105%. Polygon is the nineteenth largest cryptocurrency in the market.
Polygon (MATIC) Technical Analysis
The bullish outlook of MATIC coin has yet to be seen in the technology of the cryptocurrency. Out of the twenty-six technical indicators, twelve are giving out an indication of sell with ten standing at a neutral position and only four indications giving out a bullish signal. The oscillators are neutral while the moving averages are still suggesting a downtrend; however, the technical indicators may be expected to change soon given the recent bullish momentum.
Polygon crypto has been identified to be operating in a triangle formation by a trader’s analysis. Per the analysis, the cryptocurrency had been moving downwards; however, the recent bullish candle is indicative of the strengthening bulls in the market. Polygon crypto is also approaching the end of the triangular formation so a break out is likely. Given the current sentiment, an upside break out from the formation appears to be likely. Although nothing is certain in the crypto market.
Polygon (MATIC) future outlook
Polygon has gained significant popularity in a limited time. The scaling solution for Ethereum has been active in the field. The development team recently launched a new division that will be focusing solely on NFTs and blockchain games. With the new projects, Polygon aims to become the go-to platform for gaming and NFTs in the market. The new addition to the platform can significantly boost its performance in the upcoming days.