#Polygon Soars 28% From Q3 Lows, Will MATIC Breach $1?
Past Performance of Polygon
Polygon could be up 28 percent from September lows, but bears are still in a commanding position. Overly, MATIC is bearish from a top-down preview and consolidating below $1. As long as the coin is trending below this psychological liquidation level and trading volumes are suppressed, traders can search for entries to liquidate. This preview can only shift once there are gains above $0.95, with traders confirming gains of late November 2022.
#Polygon Technical Analysis
At present, MATIC is consolidating. The path of least resistance in the short term appears northwards. The immediate resistance level is at $0.95, while support remains at $0.88. The optimism stems from the fact that prices are inside the November 30 bullish engulfing bar. From an effort-versus-result perspective, this is bullish, especially now that the recent bars driving MATIC lower are with low volumes. A close above $0.95 may see prices rise, roaring towards $1 in continuation of late November surges. Conversely, if MATIC sellers force prices lower, the coin could crumble, sinking to $0.80 or worse.
What to Expect from #MATIC?
Polygon is propped by solid fundamentals, looking at the performance in the daily chart. All the same, like the rest of the crypto assets, MATIC is under pressure. Ideally, a close above $1 will trigger demand. But before then, the main resistance level lies at $0.95.
Resistance level to watch out for: $0.95
Support level to watch out for: $0.88
Disclaimer: Opinions expressed are not investment advice. Do your research.
Polygon could be up 28 percent from September lows, but bears are still in a commanding position. Overly, MATIC is bearish from a top-down preview and consolidating below $1. As long as the coin is trending below this psychological liquidation level and trading volumes are suppressed, traders can search for entries to liquidate. This preview can only shift once there are gains above $0.95, with traders confirming gains of late November 2022.
#Polygon Technical Analysis
At present, MATIC is consolidating. The path of least resistance in the short term appears northwards. The immediate resistance level is at $0.95, while support remains at $0.88. The optimism stems from the fact that prices are inside the November 30 bullish engulfing bar. From an effort-versus-result perspective, this is bullish, especially now that the recent bars driving MATIC lower are with low volumes. A close above $0.95 may see prices rise, roaring towards $1 in continuation of late November surges. Conversely, if MATIC sellers force prices lower, the coin could crumble, sinking to $0.80 or worse.
What to Expect from #MATIC?
Polygon is propped by solid fundamentals, looking at the performance in the daily chart. All the same, like the rest of the crypto assets, MATIC is under pressure. Ideally, a close above $1 will trigger demand. But before then, the main resistance level lies at $0.95.
Resistance level to watch out for: $0.95
Support level to watch out for: $0.88
Disclaimer: Opinions expressed are not investment advice. Do your research.
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