warning: The results of the following analysis are the author’s opinions only and should not be considered investment advice.
Recently, polygon [MATIC] The bulls found renewed pressure from the $0.74-$0.76 support range. However, this rally resulted in a reversal pattern whose breakdown found support in the $0.8 region.
The altcoin has now entered its pressure range near the Point of Control (POC, red) in the $0.9 region. MATIC will likely see a dull phase before a reasonably choppy breakout in the upcoming sessions.
At the time of writing, MATIC is trading at $0.9052, up 1.23% in the last 24 hours.
MATIC Daily Chart
Early growth of the ascending (white) channel helped the MATIC bulls to break in $0.74 – $0.76 range and turn it into support. Since then, this range has supported the MATIC bounce over the past month.
After a bearish scientific structure on the daily chart, the currency experienced a short-term reversal. But the bulls were quick to retaliate against the $0.8 baseline. Buyers are now looking to retest the $0.93 resistance.
Since the price action is sailing close to the point of sale, MATIC is likely to enter a slow-moving phase i $0.88 – $0.93 range in upcoming sessions. With the 20 EMA (red) still heading north and holding its position above the 50 EMA (cyan), buyers can aim to continue the gradual recovery in the short term.
A close above $0.93 would put the coin in an uptrend and suggest a buy signal. In this case, the potential target will be in the $1.04 region.
A possible close below the $0.88 support level could trigger a short-term decline towards the long-term support range. The bulls need to increase buying volumes to maintain the close above the immediate resistance range.
The Relative Strength Index (RSI) He jumped above the midfield to show an increased buying advantage. A close behind the resistance 58 mark will confirm press time bias.
In addition to Chaikin Money Flow’s (CMF) The situation above the zero line also resonated with the bullish strength. But its recent bearish rallies may confirm a moderate bearish divergence.
The Awesome Oscillator (AO) It closed above zero after three weeks, confirming increased purchasing power. However, it ADX Showed significantly weak directional orientation of the suit.
The MATIC swing above the 20/50 EMA and POC revealed a slight buying advantage. one near above Resistance $0.93 It could confirm a bullish bias at press time. The objectives will remain as discussed.
Finally, investors/traders need to keep an eye on Bitcoin’s movement as MATIC shares a 63% 30-day correlation with the King coin.