Hello everyone, as we all know the market action discounts everything :)
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Matic (Polygon) Has been building momentum while other coins were gaining a lot, but yesterday when the other coins started a negative move, Matic started his strong Bullish movement and rose over 24% in 1 day.
The market seems to be trending in an ascending with the market getting higher highs and higher lows. And the Head and Shoulders pattern is confirming right now but we are waiting to see if it's a fake breakout.
Different Market movement Scenarios :
Scenario 1 :
Matic is getting closer to the first resistance line at 1.83866, If the market was able to breakout that line then it will have enough power to break the second line at 1.93733 and from there it will be headed near the major resistance zone at 2.13366 where the big battle will happen between the Bears and Bulls and the outcome will determine the movement of the market for the next period of time.
Scenario 2 :
If the Bears were to take control over the market right now then we will see the market drop down all the way to the first support line at 1.54366 where the Bears power will be tested by the Bulls and the Bulls will try to take control over the market in hope if pushing the market back up. But if they fail then the Bears will be dropping the price near the lower end of the Ascending Channel at 1.34733.
Technical indicators show:
Support & Resistance points :
Support/Resistance
1) 1.54366 1) 1.83866
2) 1.34733 2) 1.93733
3) 1.24866 3) 2.13366
Fundamental point of view :
Polygon's MATIC token is building momentum and could enter a 62% bull rally.
Polygon is showing an impressive optimistic outlook. The scaling solution’s MATIC token appears to have developed a head-and-shoulders pattern on its daily chart since early June. The token is currently forming the right shoulder of the bullish formation. A spike in buying pressure that pushes MATIC above the head-and-shoulders’ neckline could lead to a significant run-up. Slicing through the $1.63 resistance level could mark the beginning of a new uptrend towards $2.64.
Although Polygon is yet to overcome the overhead resistance, behavior analytics platform Santiment reveals that large investors are preparing for prices to advance further.
The holders distribution chart shows that buy orders have been increasing over the last two weeks. Many addresses holding millions of dollars in MATIC, colloquially known as “whales,” have drastically increased their positions. According to Crypto Briefing
This is my personal opinion done with technical analysis of the market price and research online from fundamental analysts for The Fundamental point of view, not financial advice.
If you have any questions please ask and have a great day !!
Thank you for reading.
_________________________________Make sure to Like and Follow if you like the idea_________________________________
Matic (Polygon) Has been building momentum while other coins were gaining a lot, but yesterday when the other coins started a negative move, Matic started his strong Bullish movement and rose over 24% in 1 day.
The market seems to be trending in an ascending with the market getting higher highs and higher lows. And the Head and Shoulders pattern is confirming right now but we are waiting to see if it's a fake breakout.
Different Market movement Scenarios :
Scenario 1 :
Matic is getting closer to the first resistance line at 1.83866, If the market was able to breakout that line then it will have enough power to break the second line at 1.93733 and from there it will be headed near the major resistance zone at 2.13366 where the big battle will happen between the Bears and Bulls and the outcome will determine the movement of the market for the next period of time.
Scenario 2 :
If the Bears were to take control over the market right now then we will see the market drop down all the way to the first support line at 1.54366 where the Bears power will be tested by the Bulls and the Bulls will try to take control over the market in hope if pushing the market back up. But if they fail then the Bears will be dropping the price near the lower end of the Ascending Channel at 1.34733.
Technical indicators show:
- The market is above the 5 10 20 50 100 and 200 MA and EMA (Strong Bullish sign)
- The MACD is above the 0 line showing that the market is in a Bullish state, With a positive crossover between the MACD line and the Singla line.
- The ADX is at 21.52 showing that the market is trending, With a positive crossover between DI+(26.13) and DI-(11.11)
Support & Resistance points :
Support/Resistance
1) 1.54366 1) 1.83866
2) 1.34733 2) 1.93733
3) 1.24866 3) 2.13366
Fundamental point of view :
Polygon's MATIC token is building momentum and could enter a 62% bull rally.
Polygon is showing an impressive optimistic outlook. The scaling solution’s MATIC token appears to have developed a head-and-shoulders pattern on its daily chart since early June. The token is currently forming the right shoulder of the bullish formation. A spike in buying pressure that pushes MATIC above the head-and-shoulders’ neckline could lead to a significant run-up. Slicing through the $1.63 resistance level could mark the beginning of a new uptrend towards $2.64.
Although Polygon is yet to overcome the overhead resistance, behavior analytics platform Santiment reveals that large investors are preparing for prices to advance further.
The holders distribution chart shows that buy orders have been increasing over the last two weeks. Many addresses holding millions of dollars in MATIC, colloquially known as “whales,” have drastically increased their positions. According to Crypto Briefing
This is my personal opinion done with technical analysis of the market price and research online from fundamental analysts for The Fundamental point of view, not financial advice.
If you have any questions please ask and have a great day !!
Thank you for reading.