MATIC Price Today: Daily RSI Shows Bullish Crossover; Daily Close Above $1.68 Must To Secure Bullish Momentum

Polygon (MATIC) price extends the previous session’s gains on Tuesday. MATIC price back below the 50-day moving average (DMA). Further, as the price looks to heading for the second day of gains, the relative strength index (RSI) is showing a bullish crossover, with investors betting on the continuation of the uptrend for the pair.

• Polygon locks in modest gains on the first trading session of the new month.
• MATIC price consolidates in the downward channel since January 22.
• A decisive close above $1.680 would result in further appreciation of MATIC.

At the time of writing, MATIC/USD is trading at $1.654, up 0.71% for the day. As per the CoinMarketCap data, polygon not just trending higher in terms of price but overpower Shiba Inu for the 14^th position in terms of market capitalization. The live market cap reads at $12,342,928,881.

Polygon price action depicts the rising popularity of the polygon’s ecosystem as a more scalable and efficient alternative to the Layer 1 Ethereum network.

MATIC Price Needs To Break Above $1.680

On the daily chart, Polygon (MATIC) price has been trading in the ‘downward channel’, which is a bearish pattern. Initially, after making all-time highs at $2.925 on December 27, the price retreated 55% toward the lows of January 24 lows.

MATIC price tested the horizontal support line at $2.004. Sellers remain fully dominated near this level to explore the lower trendline of the channel.

Now, MATIC price is moving in the range of $1.69 and $1.50 for the past 10 sessions. A catalyst is required to break the current trading range.

Both momentum oscillators are trading near the oversold zone with a neutral stance. Traders can initiate fresh long positions once the price gives a decisive close above the upper trend line of the channel at $2.004.

On the other hand, if the next day’s candle is a red one, then investors could further liquidate their holding to book profits.