The latest data shows that Polygon’s stock is bullish. Bulls must exert pressure to invalidate the predictions of the indicators. MATIC price is facing resistance at $0.8037 during the rise.
Today, bullish control dominates the Polygon (MATIC) market, adding to the strong trend of the day as the holiday spirit begins. In the MATIC price chart, only a few negative spikes are visible, and they were enough to push the price up to $0.7876, where they finally found support.
However, at the time of writing, the bulls managed to take over, taking the MATIC price to $0.8012. Maintaining such high quality, MATIC saw its sales increase by 0.71%, to $6,997,620,802, and the sales of 24 hours increased by 36.99%, to $129,231,526.
The linear movement of the upper (0.8039) and lower (0.7914) Bollinger Bands shows that the selling pressure is satisfied by the buying pressure (stable market) and can lead to an increase in the upper level. This positive trend should strengthen as prices approach the upper range, suggesting that the bulls will maintain control in the near future.
The bulls’ hope for an extended session is reduced by the fact that the market is overbought (as shown by the Stochastic Relative Strength Index price of 82.14). When the Stochastic RSI reaches the trained area, it indicates that the current bull run has reached its peak and is starting to lose momentum.
When the MACD crosses above the signal line, as it is now (-0.007), it indicates a bullish trend. Although the recent MACD signal entering negative territory should make traders cautious, the current upward position of the histogram indicates that this trend may continue for the time being.
When the Elder Force Index (EFI) and Bull Bear Power (BBP) cross below zero, it indicates a change from bullish to bearish control. The MATIC price indicator shows that EFI has crossed the “0” line at 2.934K and the BBP indicator has already started to rise (now at 0.0091). With these numbers in hand, it is clear that the bulls are still determined to win higher now. Ultimately, bullish power should prevail in the MATIC market, as long as the bulls manage their current pressure levels.