Technical indicators show that the bulls’ grip on the MATIC market is getting tighter.
Today, the Polygon (MATIC) market has been dominated by bullish control, which adds to the strong trend of the day as the holiday spirit takes hold. Only a few negative spikes were visible on the MATIC price chart, but they were enough to send prices down to $0.7876, where they eventually found support. At the time this was written, however, the bulls had won and pushed MATIC’s price up to $0.8012.
MATIC’s market capitalization went up by 0.7%, to $6,997,620,802, and its 24-hour trading volume went up by 36.99%, to $129,231,526. This was because it stayed at such a high level.
The fact that the upper (0.8039) and lower (0.7914) Bollinger Bands move in a straight line shows that buying pressure is equal to selling pressure (a stable market), which could cause bullish pressure to rise. As the price moves closer to the upper band, this positive trend is expected to get stronger. This suggests that the bulls will still be in charge in the near future.
The fact that the market is overbought makes it less likely that bulls will see a long-term upswing (as indicated by a stochastic relative strength index value of 82.14). When the stochastic RSI hits the “overbought” zone, it means that the current bull run has reached its peak and is starting to slow down.
When the MACD crosses above the signal line, like it has right now (-0.007), it means that a bullish continuation pattern is happening. Even though the MACD line has recently moved into the negative zone, the fact that the histogram is still going up suggests that this bullish trend is likely to continue for the time being.
When both the Elder Force Index (EFI) and the Bull Bear Power (BBP) go below zero, it means that the bulls are losing control and the bears are taking over. At 2.934K, the MATIC price chart shows that the EFI has crossed the “0” line, and the BBP indicator has also started to go up (now at 0.0091). Now that we have these numbers, it’s clear that the bulls still want to ride out the current uptrend.
In the end, bullish strength is expected to win on the MATIC market, as long as bulls keep up the pressure they have now.