MATIC Price Analysis: Weekly and 4 Hr Chart Analyses Reveals Buy Signal for Polygon
Polygon recently set a new record for highest bounty paid in DeFi. The team at Polygon paid a two million US dollar worth of bounty to Gerhard Wagner, a white hat hacker who discovered a crucial vulnerability that had put around 850 million US dollars’ worth of capital at risk.
So what type of vulnerability could this be? Well, it’s a double-spend bug, a type of bug that could have tuned catastrophic for the Polygon ecosystem.
Important Weekly Polygon (MATIC) Announcements
Without any further delay, Let’s analyze the MATICUSDT price chart.
Polygon (MATIC) Price Analysis: MATICUSDT Weekly Chart
Following the path of most top altcoins in the cryptocurrency market, the MATICUSDT triggers a bear-trap candlestick formation while trading within a rising and expanding wedge.
Although the crypto pair still trades below its all-time high, higher RSI readings above level-25 tell us that we are still in an uptrend and we may soon see a surge in demand for the MATIC token.
Polygon (MATIC) Price Analysis: MATICUSDT Daily Chart
A recent regular bearish divergence on the daily chart above shows that we may soon see a slowing and possible correction of current gains.
Failure of RSI values to breach below level-25 would suggest a continuation of the current uptrend.
Polygon (MATIC) Price Analysis: MATICUSDT 4 Hr Chart
As the RSI prints higher values above level-25 on the daily time frame, the 4HR time frame confirms entry into the uptrend with an exit of the oversold area [level-25] with the recent entry of oversold at press time.
Regular and hidden bullish divergence setups are instrumental for the previous trend reversal and current trend continuation we see on the above intraday chart.
An impending hidden bullish divergence at press time may be sufficient for the bulls to find a price floor above the 1.491 support and restore the MATIC price into new highs.Source