Polygon (MATIC): What Next After This Recent Breakout
Polygon’s latest bullish run saw MATIC snapping the boundaries of the 20- and 50 Exponential Moving Averages before exhibiting a buying superiority. Nevertheless, the $1 territory triggered a selling revival to catalyze a retracement to the baseline at $0.76.
The upward channel breakdown also confirmed the soaring selling momentum. A dependable move beneath the present support range might expose the altcoin to a short-term decline during the upcoming sessions. While publishing this post, MATIC traded at $0.8058, gaining 2.8% within the previous day.
Polygon Daily Timeframe
The latest ascending channel oscillation saw MATIC bulls snapping the 3-month trend-line resistance, flipping the mark to support. Meanwhile, the intersection between the 200 Exponential Moving Average and the $1 value area formed a massive hurdle for MATIC’s growth.
Moreover, the latest selling volume hiked indicated a massive bearish move beneath the short-term Exponential Moving Averages. Failure to close above the 50 Exponential Moving Average might trigger a decline to $0.66 – $0.67. Also, the altcoin might dip into possible compression around $0.8 as it attempts to restrict a volatile break.
An ultimate closing beyond $0.88 – $0.93 might catalyze upside actions to the 200 Exponential Moving Average. Bulls were yet to ensure massive trading volumes for a sustained close beyond the nearest resistance area.
Reasoning
The RSI (Relative Strength Index) dropped beneath the midline to confirm a brief selling superiority. Moreover, the higher highs and troughs by the Volume Oscillator within the past two weeks affirmed the momentum of the prevailing downward trend.
The bearish crossover of the MACD neared the zero level. A drop beneath this mark would authorize the bearish stance during this publication. However, the ADX flashed a relatively weak directional tendency for the altcoin.
Final Thought
MATIC’s plunge beneath the EMA ribbons amidst heightened volumes suggested a bearish edge. Targets would stay as mentioned. Meanwhile, a closing beyond the short-term Exponential Moving Averages would affirm bearish invalidations. Investors should watch Bitcoin as the MATIC shares a 95% correlation with the leading crypto. Thus, the broad market’s upcoming cues remain crucial for Polygon’s bias.
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Editorial credit: Dennis Diatel / shutterstock.com
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