- MATIC is currently trading at $0.8716 after an 8.01% drop in price.
- The price of MATIC is looking to challenge the hourly 9 EMA level.
- A 7+% move may be on the cards for MATIC over the next 2-3 hours.
Polygon (MATIC) is trading at $0.8716 at press time after an 8.01% drop in price over the last 24 hours. This is according to the crypto market tracking website, CoinMarketCap.
Compared to the two crypto market leaders, BTC and ETH, MATIC’s price has weakened by 3.07% and 2.19% respectively. As a result, one MATIC token is worth 0.00005467 BTC and 0.0007363 ETH at press time.
Hourly chart for MATIC/USDT (Source: CoinMarketCap)
There is a bullish sign present on MATIC’s hourly chart as the hourly RSI line has recently crossed above the RSI SMA line and is still sloped positively towards the overbought territory. As a result, the price of MATIC has risen to the hourly 9 EMA line.
In order for the bullish move to continue over the next 2-3 hours, MATIC’s price will have to successfully overcome the hourly 20 EMA line. Its price may encounter some resistance at this level which will increase the difficulty of the challenge, which is why a break above this level will be a strong confirmation of a bullish move.
From its current level to the hourly 20 EMA line will be around a 1.22% move. If it overcomes the EMA level, then its next target will be $0.9481. This will print an additional 7.02% gain.
This bullish thesis will be invalidated if the price of MATIC is unable to close above the hourly 9 EMA line on the next hour close. This will then see MATIC’s price drop to $0.8540 as bears will remove any ground gained by bulls over the last 2 hours.
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