The Polygon is a blockchain platform that simplifies user interaction with the decentralized world. It aims to eliminate the problem of slow node confirmations and high gas fees. This will enhance user participation in the crypto market. It also brings in higher scalability for the Ethereum blockchain using a new version of plasma technology. MATIC token is their customized coin. Past Performance As of March 3, 2021, the opening price of MATIC was $0.23. As of March 9, 2021, the closing price of MATIC was $0.30. In short, the price has surged by roughly 30% over the past week. In the last 24 hours, the price has fluctuated within the range of $0.22-$0.33. https://ift.tt/3ry67Nv Day-Ahead and Tomorrow This morning, MATIC started trading at $0.30. Currently, MATIC is trading at $0.32. Thus, the price is rising. The market looks positive. The MACD and signal lines are positive. The bullish crossover by the MACD line over the signal line implies that the bullish market momentum is strong. Thus, we can expect the price to rise further. Currently, the RSI is at 70%. Thus, buying activity is high in the MATIC market. High buying pressures will lead to a further price rise. It is also a good time for swing traders to go short, as the RSI has faced rejection at 70% and is falling. The OBV indicator is upward sloping. Thus, buying volumes are high. Hence, the price uptrend will continue. MATIC Price Analysis Currently, the price is closer to the first Fibonacci resistance level of $0.325. By the end of the day, we can expect the price to breach the subsequent Fibonacci pivot resistance levels of $0.35 and $0.39, respectively. The price has tested and breached the 23.6% FIB retracement level of $0.304. Thus, the bullish trend is strong enough to sustain till tomorrow. Look out for new levels of the price which can sustain for the coming few days.
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