Polygon price prediction – What’s next as $MATIC recovery gains amount to 20%? - AMBCrypto Analytics

Polygon [MATIC] has been among the top five outliers on the daily and weekly price charts. Since last Friday, MATIC has risen by nearly 20%, while the rest of the market has remained sideways. 

On the daily chart, MATIC was bullish as it mounted above the $0.42-level. Since 16 August (last Friday), MATIC has embarked on an extended recovery that netted almost 20% gains, at the time of writing. This reversed most of its August losses.  

MATIC was trading at $0.47, at press time, and had to clear two key resistance levels to hit the supply area at $0.55.

The immediate hurdles were at $0.49 and $0.51. Given the massive buying pressure shown by the RSI (Relative Strength Index) cruising above its average level, these targets could be hit. At the same time, the Stochastic RSI was overheated as it was in the overbought territory. Hence, a cool-off couldn’t be overruled for MATIC’s rally. Also, the $0.46 and $0.42 levels were key short-term supports to consider if the rally cooled off.