Polygon’s (MATIC) bullish move culminated on October 28 with a rise of 28% in a single day. While a short-term dip may occur, the token is likely to hit all-time highs soon.
MATIC has been on the rise since September 21. On October 27, it broke out above the $ 1.74 resistance area and rose significantly the next day.
breakout was significant as the token finally broke its September highs after a continuous decline since September 5. next resistance area is at $ 2.42, close to the all-time highest price.
Despite the breakout, technical indicators are still mixed. MACD, created by a short-term and long-term moving average (MA), continues to rise. This means that the short-term trend is even faster than the long-term one. However, the RSI, which is a momentum indicator, has fallen below 70 (red icon). This is a sign of diminishing momentum.
Other than that, MATIC has yet to validate the $ 1.74 area as support. After the breakout, the price will generally retest the breakout level before resuming its upward move.
refore, MATIC can do this before initiating another upward move.
TradingView Chart
Future movement
Cryptocurrency trader @Altcoinsherpa tweeted a MATIC chart, indicating that the token will soon break out of the $ 1.70 resistance area.
Read also Ukrainian security services break cryptocurrency laundering syndicateSource:
Since the tweet, MATIC has erupted, as highlighted in the previous section.
However, it created a lower short-term high (red icon). This is a bearish sign as it shows that the second attempt to start a bullish move was weaker than the first.
Furthermore, the presence of long upper wicks is also a sign of sales pressure.
refore, it is possible for the MATIC to drop to the $ 1.74 area once again before resuming its upward move.
TradingView Chart
MATIC / BTC
MATIC / BTC pair is not as bullish as its USD counterpart. As the token is facing resistance at 3,450 satoshi.
However, it also broke a descending resistance line from May’s all-time high. This is a sign that the long-term correction is complete, despite the resistance at the 3,450 satoshi area.
refore, although a short-term decline may occur, the most likely scenario is for MATIC / BTC to move out of the 3,450 satoshi area.
This would also line up with the MATIC / USD move, where a short-term dip could also occur.
TradingView Chart
For the latest news from BeInCrypto bitcoin / »class =» autolink »target =» _ blank »> Bitcoin (BTC) analysis, click here.
Disclaimer
All information on our website is published in good faith and for general information purposes only. Any action taken by the reader on the information found on our website is strictly at your own risk.
Read Also 1,784 lb NFT Tungsten Cube “Blurs the Line Between Digital and Physical”
Source link
more
