Previous article Polygon Price Analysis: MATIC Corrects After 54% Rally Next article Home Latest Cryptocurrency News Polygon Price Analysis: MATIC Corrects After 54% Rally Polygon Price Analysis: MATIC Corrects After 54% Rally By - min read 28 April 2021 MATIC price reached a new all-time high of $0.91 but currently trades near $0.70 Polygon (MATIC) has seen its price against the US dollar rise to a new all-time high of $0.91 following its 54 percent gains on 27 April. The cryptocurrency has shaved off some of the gains as traders seeking short-term profits look to sell. MATIC/USD is changing hands at around $0.72, down from its intraday highs above $0.90. It is possible MATIC will face increased sell-off pressure, especially if the much-anticipated altseason fails to tick up as Bitcoin struggles. Despite the losses, the cryptocurrency remains more than 20% up on the day as of writing. Weekly gains currently stand at 112 percent. According to analytics platform Santiment, Polygon’s on-chain metrics are strong to suggest further gains are possible. The Polkadot rival has also seen a remarkable increase in the total value locked (TVL) in the protocol. DeFi Pulse shows that $1.19 billion worth of asset value is currently locked in the payments protocol, with that figure including an increase of over 19% in the past 24 hours. MATIC is currently the 15th largest DeFi project by TVL. MATIC price analysis The MATIC/USD pair saw parabolic action after breaking above the upper boundary of a parallel channel on 26 April. The breakout also resulted from a cup and handle pattern, with a new high formed when bulls broke above the previous resistance level at $0.53. The 54 percent green candle took prices into discovery mode before the upside began to fade. The daily MACD and RSI suggest buyers are in command, which could aid a fresh punt on the upside. If price turns higher, the main target is $1.00, with a potential run towards $1.50 if the wider altcoin market comes to life in the short term. MATIC/USD daily chart. Source: TradingView Although the price outlook remains bullish, an extended downside correction could spell danger for bulls. The main support levels are at the 0.382 ($0.69) and 0.618 ($0.55) Fib levels of the upside to $0.91. If price breaks below these demand zones, a bearish flip could strengthen and see bears eye the 50 SMA line near $0.38. Share this article Categories Analysis Tags Polygon