INX, the trading platform, has officially listed the POL-USD pair (Polygon), expanding its spot trading options for crypto investors. With this move, INX has further diversified its offerings to users. Polygon, previously known as MATIC, is known for supporting a multi-chain ecosystem. It has been a popular choice among investors due to its multiple use cases. It is being widely used for various activities like DeFi trading, NFTs, and RWA investments. The listing of POL-USD aims to attract both retail and institutional investors. This, in turn, will potentially increase liquidity and market activity for Polygon’s native token. With this news coming in, let’s take a look at the latest POL price movements with a detailed Polygon price analysis.
Polygon Price Analysis of the Last 24 Hours
Polygon started trading yesterday at $0.2205. A brief stabilization period followed. At 1:00 UTC, a downtrend occurred, taking the price to $0.2180. The coin again flatlined, and an uptrend formed at 3:00 UTC, taking it up to $0.2237. The RSI indicated overbought conditions, and a trend reversal was expected. The reversal led Polygon to $0.2170. The RSI immediately fell to oversold conditions at this point. An uptrend was seen, leading Polygon to $0.2239 by 11:30 UTC. A consolidatory phase came next, as Polygon continued to stabilize around the same price point until 13:30 UTC.
The market entered a phase of heavy fluctuations, as Polygon spiked up and down rapidly to touch $0.2237 by 16:25. A golden cross at the same time helped Polygon break out upwards out of the volatile phase, going on to face rejection only at $00.2278. However, failure to veer further led to a downtrend forming. Although some reversal was seen, igniting hopes of another resistance test, around 18:15, the downtrend was confirmed with a death cross. The bearish pressure led the POL price down to $0.2197. A trading range formed right after, lasting till midnight.
POL Price Movements Today: Bears Continue to Dominate
The stabilization late on April 23 sparked hopes of some positive movements early today. But, the bears dictated the price movement as a downward breakout from the trading zone was seen. This downward breakout led POL to $0.2169. Oversold conditions were seen on the RSI, and an uptrend was sparked. However, the advances were rejected at $0.2200, leading POL to find its bottom at $0.2150. With the bearish trend alleviating, a golden cross formed around 4:00 UTC, instigating a confident uptrend.
This uptrend pushed the Polygon price up to $0.2246 by 7:40 UTC. With the RSI looming near the overbought zone, a brief phase of sideways movement ensued. While traders expected a downturn, a momentous golden cross formed on the MACD, and POL started scaling the charts rapidly. From $0.2230 at 8:50 UTC, the Polygon price spiked up to $0.2387 by 10:30. With the coin heavily overbought, a bearish reversal occurred, taking Polygon to $0.2328.
Polygon Price Prediction: Can Polygon Keep the Gains Coming?
As of press time, Polygon has breached the $0.24000 level and trades at $0.2414. Given that, the Polygon price is defying the odds by going against the general market retracement. As of now, the bullish pressure is heightened, and Polygon has successfully resisted a sharp reversal already. This means that once the bulls pull the plug, a sharp pullback may be on the cards. As of now, POL looks poised to find support near $0.2350 and attempt to breach the $0.2450 level. As Polygon’s NFTs and now the listing on INX stir investor sentiments, interesting price action lies ahead.
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