Polygon Does it Again: Heads Up for the 5th Straight Day

The Hourly View for Polygon

  • Currently, MATIC’s price is up $0.02 (4.59%) from the hour prior.
  • This is a reversal of the price action on the previous hour, in which price moved down.
  • As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe.
  • The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

Polygon’s hourly price chart is shown below.


The Daily View for Polygon

  • At the moment, MATIC’s price is up $0.02 (3.76%) from the day prior.
  • It’s been a feast for bulls operating on the daily timeframe, as Polygon has now gone up 5 of the past 5 days.
  • Regarding the trend, note that the strongest trend exists on the 100 day timeframe.
  • The moving averages on the daily timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
  • Divergence between MATIC’s price and its RSI may be manifesting. As such, be on the lookout for trend reversal in MATIC’s price.

Below is a daily price chart of Polygon.


The Latest From MATIC’s Blockchain

  • For MATIC, its daily transaction count is now at 3939.
  • Over the past 29 weeks, MATIC’s daily large transaction count has been in a clear downtrend, falling by about 3.08 per day.
  • MATIC has an average transaction value of 29294.2441, up 22.7% from its value day prior.

Featured Polygon Idea From TradingView

Below is a trading comment entitled ETHUSD Daily TA Neutral Bearish you may find interesting:

ETHUSD Daily neutral with a bearish bias. Recommended ratio: 35% ETH, 65% Cash. *IMPORTANT: If ETH breaks down below $775.83 support then it will likely retest the uptrend line from February 2017 at ~$300 for the first time since July 2020. If this happens, it would imply that all of ETH’s value after March 2020 came from Covid-19 stimulus + 0% interest rate environment + quantitative easing; rather than from the vast DeFi/NFT network comprised of OpenSea, Yearn.Finance, Metamask, Uniswap, Moonpay, Transak, Chainlink, Polygon, etc. This would obviously be a death blow to the industry and would surely liquidate a majority of leveraged positions.* **Chairman Pow spent a solid four hours fielding rhetorical questions and scathing criticisms from the Senate Banking Committee regarding the Fed’s response to inflation today. He handled it very well and stayed in line with his tone and perspective from last week’s FOMC meeting. He mentioned that cryptocurrencies currently present no systemic risk to the economy but that they (Fed) are paying close attention to it (most likely DeFi and a CBDC). He also mentioned that the Fed funds rate will likely have to be beyond 2.5% to restore price stabi…