HomeCryptoResistances and opportunities for the MATIC course

Resistances and opportunities for the MATIC course

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Polygon (MATIC) is trading at $0.69 on the daily chart. A strong consolidation phase indicates a possible bottom formation. It is important that no daily closing price is recorded below $0.65, otherwise the first support will fall and the downward consolidation will be broken. The next price target is then $0.608.

There is strong resistance above the current price (lower resistance line), which has been preventing a rise above $0.742 for weeks. For a bullish scenario, MATIC needs to overcome this resistance. This is complicated by EMAs such as the 13-EMA and 20-EMA, which also act as resistances.

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Should MATIC remain in the consolidation phase, the 50-day EMA will gradually head towards this key resistance, making it even stronger. Rejection is therefore likely when this level is reached and attention should then turn to support levels.

The $1 level also plays an important role, but is currently less relevant as the current rate is far from it.

Polygon daily chart (Source: TradingView)

Indicators point to recovery in the short term

The Moving Average Convergence/Divergence (MACD) remains in bearish territory after its bullish cross but is trending upwards. Momentum is also increasing again, although this is due to yesterday’s inflation data. Bitcoin recorded a strong increase and also pulled altcoins up with it.

Trading volume continues to decline, which is typical of a consolidation phase.

The Relative Strength Index (RSI) is at 45 points and is therefore in neutral territory.

Indicators: MACD, Volume and RSI (Source: TradingView)

MATIC definitely has the potential to move higher, but it must first overcome the important EMAs and break out of the consolidation phase. If Bitcoin and the entire market show weakness again, this will also have an impact on MATIC, making the lower support levels relevant.

About the author

Bastian Keller (Bitbull) has been operating independently in the Forex market since 2015 and has been a full-time trader in the crypto market since 2018. He actively shares this expertise on various social media platforms, especially on his YouTube channel “Bitbull Trading“, with more than 60,000 subscribers.

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