The polygon coin price is rising with a broadening channel pattern. In theory, even though this chart pattern leads a steady uptrend, the coin price is susceptible to a significant correction if it breaches the support trendline. However, the prices currently witness a bull cycle within this pattern and a possible breakout from $0.947 should push the altcoin higher.
Meta, the Web2 giant, announced Polygon as its initial partner for upcoming non-fungible token tools, where you’ll be able to create and sell NFTs on social media platform Instagram. As a result, the MATIC witnessed a significant inflow and surged 10%. Currently the price trend sustains the uptrend starting from the last few weeks, accounting for a monthly growth of 26.5%.
Soon you’ll be able to make and sell #NFTs on @instagram, starting with @0xPolygon. You can also now connect to @solana and Phantom wallet, and see information about @opensea collection: https://t.co/aH8035Tk8n
— Meta (@Meta) November 2, 2022
Moreover, the increasing demand overwhelms the bullish influence over the EMAs, as the 50 and 100-day EMA gain spread after the recent crossover.
Analyzing the daily price trend, a rising expanding channel is prominent, starting from the bottom level of $0.70. Taking multiple bounces from the support trendline, the strength of underlying bullishness overwhelms the price trend.
However, despite the bullish trend in action with positive news for the company, the price trend struggles to ride above the $0.947 resistance. Nonetheless, optimistic buyers can find the $0.947 breakout as an entry point.
In case the uptrend continues, the Polygon coin price will increase to reach the overhead trendline close to $1.027 mark, registering a 8% jump..
Conversely, if the supply pressure persists at $0.947 or resistance trend, a retracement to the support trendline is possible.
Relative Strength index: A negative divergence in the daily-RSI slope indicates weak bullish momentum. This divergence bolsters a possible correction in MATIC price.
EMAs: The sudden price jump in MATIC price breached the 20-and-200-day EMA, providing extra edge for long position traders.
Polygon Price Intraday Levels
- Spot rate: $0.95
- Trend: Bullish
- Volatility: Low
- Resistance levels- $0.947 and $1.02
- Support levels- $0.868 and $0.77
Source : Coingape