Polygon (MATIC) is on a bullish trend today amid an impressive recovery across the cryptocurrency market. In the last 24 hours, MATIC has gained around 4.5%, trading at $0.865 at the time of writing.
Polygon price analysis
MATIC has made an impressive recovery in the last 24 hours. During this time, the price of MATIC has traded between $0.81 and $0.87, indicating a notable spike in volatility. Moreover, the token has reported trading volumes of more than $753 million.
MATIC is still down 8% over the past week, and if the current buying pressure persists, the token could likely recover these losses. The current uptrend could be sustained if the broader market support persists.
The current bullish trend will reverse if MATIC drops to the support level of $0.85. A drop below $0.80 will wipe away this bullish thesis and drop to the weekly low of $0.77.
The uptrend is showing signs of weakening. The Relative Strength Index currently stands at 47, showing that the selling pressure is piling. Moreover, the MACD line is currently trending at the same level as the signal line, showing that the bulls and the bears are fighting for control.
For MATIC to sustain the current uptrend, it must stay above the $0.85 mark. If the broader market continues to rebound, a rally toward the psychological level of $1 could likely be on the way.
Magic Eden expands support for Polygon NFTs
Magic Eden, a cross-chain non-fungible token (NFT) marketplace, will support creators and developers on the Polygon network. This marketplace already supports Ethereum and Solana NFTs.
The Polygon network is receiving notable adoption because of the low fees and the fast transaction speeds. The network has already partnered with fintech firms such as Robinhood and Stripe.
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