Analyzing Key Levels for Polygon (MATIC): A Technical Perspective

Polygon (MATIC) Chart Analysis

Technical analysis is crucial in the cryptocurrency market, especially for futures traders. Let’s delve into the detailed chart analysis of Polygon (MATIC) currently trading at $0.914.

The first notable formation on the two-hour MATIC chart is the wedge pattern. The recent increase in volatility on MATIC has led to the formation of a wedge pattern instead of an ascending channel formation. The current bar formations are below the EMA 7 and EMA 21 averages, which could trigger a negative scenario in the short term.

The important support levels to watch on the two-hour MATIC chart are as follows:

  • $0.8918
  • $0.8628
  • $0.8250

If the bar closes below the significant support level of $0.8918, it could pull the price towards the support line.

The crucial resistance levels to monitor for MATIC on the two-hour chart are as follows:

  • $0.9173
  • $0.9326
  • $0.9582

If there is a daily bar closure above the key resistance level of $0.9582, it could increase the possibility of a significant upward momentum for MATIC.

MATIC/BTC Chart Analysis

MATIC/BTC has recently experienced a notable uptrend. The breakout above the EMA 200 (red line) on the daily chart could lead to a significant price increase in this pair. Despite the lack of a healthy formation structure due to volatility, a breakout above the level seen in July would sustain the upward movement.

The support levels to watch for MATIC/BTC are as follows:

  • 0.00002476
  • 0.00002342
  • 0.00002160

If the bar closes below the intersection of the EMA 200 level and $0.00002342, it could indicate the end of the upward momentum.

The resistance levels to pay attention to for MATIC/BTC are as follows:

  • 0.00002685
  • 0.00002838
  • 0.00003091

If a daily bar closure occurs above the previous obstacle at $0.00002685, it could generate a significant momentum for MATIC.

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