Polygon (MATIC) Technical Analysis: Will it Smash INR 200 In April 2022?

Key Takeaways

• The MATIC price closed the previous day’s trade at INR 112.202 with a market capitalization of INR 111.2 Cr and a circulating supply of 7.81 billion MATIC
• After a huge descending consolidation, MATIC price now aims at an 18% upswing that may ignite another jump of more than 20% later

Polygon (MATIC) Technical – Analysis for the Month

Polygon price began the monthly trade on a bearish note and continued to plunge heavily until the recent flip. The momentum appears strong with bullish volume slowly accumulating, therefore the next fortnight of the month may be notably bullish. 

The price may aim at hitting INR 120 initially further to which INR 150 may be pretty easy to achieve. However, if the price quickly enters the correction phase, it may remain restricted below INR 140 to end the monthly trade.

Polygon (MATIC) Technical Analysis at a Glance

MATIC price despite beginning the yearly trade on a bearish note is displaying huge bullish momentum at the moment. And hence after a brief accumulation, the price is expected to slice through the consolidation and range high. However, after reaching the pivot levels around INR 167 to INR 170, the asset may kick off a bull run again to surge beyond INR 220.

Technical Indicators & Pivot Levels

Technical Indicators

Pivot Levels

Oscillators

The overall MATIC price trend is pretty bearish in the long term but notably bullish in the short term. And hence one can expect a short-term bounce towards the immediate highs around INR 120. Further, a huge retest or correction may hinder the price rally which may again slash the price close to INR 100. 

MATIC/INR Technical-Analysis for Short-Term

Source: Tradingview

MATIC/INR Technical Analysis for Long-Term

• Yet another attempt to rebound may go in vain as the asset is primed to pull another leg down
• Forming constant bearish flags the price maintained a significant descending trend that may test the lower support close to INR 106
• Holding strong above INR 100, MATIC price may reach close to INR 120 with a flip ignited at the support zone
• However, sealing the levels above the monthly highs around INR 146 may maintain a strong uptrend ahead

Source: Tradingview

• The MATIC price amid the recent sell-off has plunged beneath the huge symmetric triangle but refused to manifest a bearish trend
• The price is attempting very hard to rebound back into the triangle and with building momentum, the price may eventually breakout the triangle as it’s near the apex
• With the upswing, achieving the pivot levels are extremely important to validate the uptrend towards ATH
• The current pace displays a possibility of the MATIC price ranging beyond INR 240 to mark new highs soon

Additional Read: MATIC vs TEZOS

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