Polygon Chart Analysis
Recently, there have been significant announcements in the crypto market, especially with the rise in prices. On October 25th, the Polygon team introduced their new token, POL, within the Ethereum ecosystem. This development prompts the question: what are the potential outcomes for MATIC, one of the most discussed altcoins in recent times? Let’s delve into the crucial support and resistance levels.
Support Levels for MATIC
Of particular importance is the $0.627 level. If this level is breached and the closing bar falls below it, it could impede the upward momentum. However, a truly negative scenario would only materialize if the $0.61 level is broken.
Resistance Levels for MATIC
The $0.657 resistance level holds significant weight. Should the four-hour bar close above this level, it could fuel MATIC’s upward momentum.
MATIC/BTC Chart Analysis
Examining the daily MATIC/BTC chart, a noticeable pattern emerges – the formation of a descending channel. However, Polygon’s considerable loss against Bitcoin raises concerns. For the first time since June 2022, the MATIC/BTC level has dropped to these depths. This decline is a direct consequence of Bitcoin’s dominant upward trend.
Support Levels for MATIC/BTC
Particularly significant is the 0.00001724 level. If the daily bar concludes below this mark, it could trigger a further devaluation of MATIC against BTC.
Resistance Levels for MATIC/BTC
If the bar closes above the 0.00002042 level, it could empower MATIC to gain value against Bitcoin.