Polygon price has been subject to heightened volatility in Friday’s session. After moving past the psychological level of $2.0000 earlier in the day, it is now finding support at $1.5000. Its price has soared by 9.74% over the past 7 days and 18.55% in 24 hours.
According to CoinMarketCap, its market cap has surged by 23.00% over the past 24 hours. During this period, its trading volume has been up by 472.76%.
In comparison, the trading volume of Bitcoin has dropped by 2.04% while that of Ethereum, and Shiba Inu has risen by 9.98% and 59.85% respectively.
Polygon price outlook
MATIC is on a decline after skyrocketing earlier on Friday. The altcoin rose by 64.10% from an intraday low of 1.2372. notably, that was its highest single-session rally since mid-May. By surpassing the 2.0000 mark, Polygon price reached a close to a five-month high before pulling back.
At the time of writing, the crypto was down by 21.47% at 1.5351. On a three-hour chart, it is trading above the 25 and 50-day exponential moving averages.
For as long as Polygon price remains above the prior resistance level of 1.4000, the bullish outlook is viable. In the near term, it will likely continue to exhibit heightened volatility. It will likely find support at the 1.5000 zone. On the upside, the bulls will likely trigger a bounce back above the prior resistance level of 1.7030.