Polygon Short term Pricing Prediction | Technical Analysis and Support level Analysis | Path to Alt Season 2022
A steep ascending triangle formed in MATIC’s uptrend (in blue), and the price hit the resistance at $2.2 before reversing. There is little room for MATIC to move once it reaches the apex of the formation. This means a breakout is imminent. It is likely that MATIC will find good support at $1.7 and $1 if the price falls.
In light of the current market conditions, it would be prudent to consider the possibility of a failure, despite the strong performance. MATIC was able to maintain tremendous strength despite the December 4th crash due to the weakness in ETH and BTC.
Key Support levels: $1.7, $1
Key Resistance levels: $2.2, $2.7 (ATH)
Chart by TradingView
Technical Indicators
Volatility: During the uptrend, the volume was strong, but now it’s receding. If MATIC breaks below its ascending triangle, the bears may be emboldened to push it lower.
Price surged above $2.2 for a brief period despite RSI making a large bearish divergence with a lower high. If this divergence is confirmed, buyers should be cautious since a correction could follow.
There is a bearish MACD signal on the daily chart, and the MATIC is unlikely to rally until it returns to the uptrend.
Chart by TradingView
Bias
The bias for MATIC is neutral. A break from this formation will change the bias to bullish or bearish. Right now, the bearish case seems to have more weight to it, considering the indicators.
Short-Term Price Prediction for MATIC
MATIC had a fantastic rally and show of strength in December, with prices moving higher while most of the crypto market entered a deep correction. It would be impressive if it could continue to keep this momentum, but given the overall crypto sentiment, it seems less likely.
Original Article can be found at //cryptopotato.com/polygon-price-analysis-matic-eyes-2-as-major-move-appears-imminent
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
