Today, in this New Crypto Wednesday, we will be taking a look at the MATIC cryptocurrency. Polygon blockchain. After experiencing sharp declines in May and June last year, it recovered despite the uncertain context, but has been in a lateralization phase for several weeks. Without further ado, let’s now move to the charts to analyze the asset’s condition in detail.
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Fairly calm situation on a weekly basis
Right now we can see it MATIK It is developing in the $0.757 support and resistance zone (represented in red). $0.915/0.950. On a weekly basis, the challenge is to watch for potential breakouts to take advantage of a future trend in the asset. Currently below EMA25 and EMA32, the buying force should be relatively strong to break these two resistances as well as the upper limit of the range.
A retracement of all these levels with the sharp weekly close above $0.95 it would be a positive sign to hope that the upward momentum will continue. In this context, with a market moving upwards as a whole, the MATIC may initially move in the direction of the weekly MA100. $1.13. If MATIC is not rejected at this level, the next level to watch is the pivot zone at $1.30.
Rebound running out of power in MATIC?
Under the MATIC set of technical resistors
For this second part of the analysis, we can look at a smaller time unit to see more clearly the price swings in these last weeks. In his line, MATIK A series of technical resistances where the MA100 and EMA200 meet, as well as the High Value Area, are below the upper limit of the range located at the junction of the volume profile with the POC.
Given the many technical levels to cross, it is preferable to maintain a low bias at this time. This is absolutely possible MATIK it can make a new push with a wick just above the upper limit to remove those placed on the downside of the asset. However, this will partly depend on the economic data released tomorrow and how strong it will be Bitcoin and Ethereum in the face of catalysts that could cause prices to start falling again.
Given the elements identified, what levels to watch on the downside as the MATIC is favored to be bearish? First, it will be necessary if the price starts a new bearish leg Keep your eyes on the triple EMA converging with HVN at $0.80. A loss of this zone will lead the price to return to the green zone at $0.76, which buyers should definitely hold on to. MATIK continues to evolve in the range. If this zone is lost, the price should control three levels on the chart without having to return to it. These are located $0.70, $0.605 and $0.535.
Here we are at the end of this analysis of MATIC on a weekly and daily scale. We are currently seeing an asset that is developing within its range on a weekly basis and is developing below a number of technical levels on a daily basis despite the rebound that started a few days ago. A series of economic data will be released tomorrow afternoon and will certainly have an impact. Based on the US inflation and employment numbers, the bearish bias we currently have can be put aside.
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