MATIC/USD is trading near the 1.82500000 ratio as of this morning and is within sight of short term highs which have been accomplished the past couple of days. On the 14th of February, MATIC/USD was trading near the 1.60000000 mark and on the 3rd of February the cryptocurrency was around approximately 1.47750000. On the 24th of January, MATIC/USD was near the 1.30500000 vicinity, which had not been since the 15th of October in 2021.
Polygon, like all of the major digital assets, has been within a rather strong bearish trend. Skeptical traders have certainly been able to sell MATIC/USD and follow its path down since the end of December when the cryptocurrency was trading near an all-time high of nearly 2.93500000, which toppled a high displayed in May of 2021 around the 2.83500000 level.
While MATIC/USD has suffered a decline in value and lost over half of its value in almost four weeks duration, the fact that Polygon saw its apex highs in December and not in November of 2021 need to be underscored technically. Suspicious traders could point out that MATIC/USD may have further room to trade lower because its highs were only a month and a half ago, and do not correlate to other major cryptos technically. However, bullish traders may believe this is a sign MATIC/USD has a strong legion of followers who continue to pursue the digital asset and will propel it upwards.
In the short term, MATIC/USD has shown the ability to incrementally climb and raise its support levels. The broad cryptocurrency is also showing an ability to inch higher in recent trading and avoid a sweeping selloff like the one seen in the third week of January by many of the major digital assets. Polygon may continue to find that optimistic bullish behavior will believe MATIC/USD was oversold and that it has room to create additional gains.
Speculators who want to pursue buying positions of MATIC/USD on slight moves lower may be making the logical wager at this time. If Polygon continues to challenge short term resistance and display its support levels are strong near the 1.81750000 t0o 1.81550000 ratios, another leg higher could develop. MATIC/USD can move fast and if it breaks the 1.84750000 level and begins to flirt and sustain values above 1.85100000, then a sincere test of the 1.90100000 juncture may develop in the near term.
Polygon Short-Term Outlook
Current Resistance: 1.84160000
Current Support: 1.78310000
High Target: 1.90100000
Low Target: 1.75500000
