Polygon Price Prediction: MATIC is Holding a Different Narrative

Summary:
• Polygon price hit its highest level since mid-May earlier in the week. It is still above the long-term 200-day EMA.

Polygon price is holding a narrative that is rather different from that of other cryptocurrencies. Risk aversion has push most of the currencies onto a downtrend in recent weeks. For instance, Bitcoin is hovering below the crucial level of $50,000. It has remained below the previously-steady support zone of $60,000 since mid-November.  

Altcoins like Dogecoin and Ripple are on a similar trajectory. In comparison, MATIC hit its highest level since mid-May earlier in the week. Granted, it has been subject to heightened volatility.

Polygon price prediction

MATIC is trading within a tight range after bouncing off Thursday’s low of 2.0660. Notably, the altcoin has been subject to heightened volatility over the past two weeks. On Wednesday, it surged to 2.5844, which is its highest level since mid-May. However, even with the price swings, it has remained above the psychologically crucial support zone of 1.5000 since early October.

At the time of writing, Polygon price was up by 6.66% at 2.2257. On a four-hour chart, it is trading above the 50-day EMA and slightly below the 25-day EMA. Besides, it is above the long-term 200-day EMA.

In the near term, the range between the 50-day EMA at 2.1531 and the support-turn-resistance level of 2.2775 will be a crucial one for the cryptocurrency. With more buyers, the bulls may manage to push past the range’s upper border to retest the week’s high of 2.5000. However, there needs to be enough momentum to push past the resistance at 2.4019.

On the flip side, a move below the horizontal channel’s lower border at 2.1531 will likely have Polygon price find support at the psychological level of 2.0000. For as long as Polygon price remains above the 200-day EMA at 1.8859, the bulls are still in control.