MATIC/USD: Choppy Conditions, Polygon Approaches High Range

MATIC/USD is approaching intriguing resistance levels as it comes within sight of its higher technical range which was established in late December.

As of this writing, Polygon has experienced choppy trading the past week, as it occasionally challenges its higher price range which was established in the last week of December 2021. MATIC/USD often exhibits gaps while trading and speculators should strongly consider using entry price orders when initiating their wagers on Polygon. The current price of MATIC/USD is around the 2.40000000 mark, but true resistance is closer to the 2.43000000 to 2.45000000 levels.

On the 27th of December, MATIC/USD traded near a value of 2.92250000, but the all-time apex for Polygon was achieved on the 18th of May 2021 when it hit a price, momentarily, of nearly 3.50000000. MATIC/USD has actually correlated well to the broad cryptocurrency market and has established itself as a major speculative cryptocurrency asset. Polygon has a ranking of number 13 regarding market capitalization.

The ability of MATIC/USD to stage a strong bullish rally starting in October actually has shown it has a strong speculative following of its own, and does not always mirror its major counterparts. Highs in late December were noticeable and MATIC/USD has not fallen with the same severity via technical considerations compared to its perceived cryptocurrency competitors. MATIC/USD actually intriguingly remains within sight of important higher price realms.

It is likely MATIC/USD continues to be fueled by influencers and proponents who believe Polygon will benefit from the growing business potential of virtual reality platforms. Technically, if MATIC/USD can sustain its current support ratios, which were tested last week around the 2.34000000 to 2.25000000, this could continue to prove bullish. Traders, however, should continue to monitor the broad cryptocurrency market in conjunction with Polygon, because if major competitors remain nervous and test support levels this could have a knock-on effect for MATC/USD near term. A low of about 2.18600000 was touched on the 14th of January.

MATI/USD does provide speculators with plenty of volatility. After hitting highs on the 27th of December, a low of 1.89900000 was nearly hit on the 8th of January. Short-term traders need to use risk management when trading Polygon. MATIC/USD can certainly provide speculators worthwhile wagers, but they must be prepared for gaps in value being demonstrated when large orders are processed which can create sudden spikes.

Polygon Short-Term Outlook

Current Resistance: 2.45450000

Current Support: 2.34900000

High Target: 2.51650000

Low Target: 2.26700000

MATIC/USD

Robert Petrucci
Robert Petrucci has worked in the Forex, commodity, and financial profession since 1993. Important aspects of his work involve risk analysis and advisory services. As an advisor in a Family Office he maintains a conservative approach for wealth management and investments. Robert also works in private finance with investors and companies delivering financial and management services.

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