Polygon (MATIC) price has been trading with gains in the U.S session on Monday. Risk appetite improves after the Russia-Ukraine ceasefire talks begin at the Belarus border after four days of Russian military action on the latter. International sanctions shaken the former financial system as Rubble, Russian currency plunges 30% on Monday.
- Polygon (MATIC) trades with remarkable gains on Monday.
- Expect a sharp bounce back to swing highs at $2.08 in a total 34% ascent.
- However, MATIC needs to shatter two upside barriers at 50-day and 200-day EMAs.
At the time of writing, MATIC/USD is changing hands at $1.48% for the day. The 24-hour trading volume of the 16th largest cryptocurrency held at $991,059,375 with marginal gains of 6% as per the CoinMarketCap.
Technically speaking, Polygon (MATIC) has depreciated 65% from the record highs of $2.92 made on December 27. The downswing came to halt in late January as the price tested $1.30 along with the formation of a ‘Hammer candlestick’, a bullish reversal pattern.
MATIC touched swing highs at $2.08 on February 7 but bulls look unwilling to carry on the gains further as price retraced marking fresh lows of 2022 at $1.24.
However, the Daily Relative Strength Index (RSI) shows positive divergence since January 24, which is a silver lining amid the consistent downtrend in the asset. Investors must smash the two upside barriers at 200-day and 50-day EMAs at $1.69 and $1.85 respectively.
Next, buyers will set their eyes on the crucial $2.08 level.
On the flip side, a daily close below the session’s low will negate the bullish theory with a revisit to the February low of $1.24.
Technical Indicator:
RSI: The RSI crossed above the average line with the current reading at 46.
MACD: The Moving Average Convergence Divergence (MACD) currently hovers below the midline with upcoming bullish momentum.
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