MATICUSD (Polygon) Zones
Here we are looking at MATICUSD on the Daily TF…
Let’s begin by zooming out on the chart to get a sense of the important zones that we must consider when analyzing Polygon in its local price range.
When looking for Macro support, the strongest support line that we can draw rests at approximately $0.31 as marked by the bottom (green) line.
In the immediate short term, we are looking at local support at about $0.75, so there is quite a lot of space between our local and macro support lines. If MATIC can’t hold its local support line (green), then we may expect a fall to its bear market lows, which also happen to be its macro support at $0.31.
Lastly, let’s quickly analyze the resistance range drawn on the chart. This resistance zone ranges from $1.00-$1.30.
As it continues to bounce between local support and resistance, we will keep you posted on relevant developments in the chart…
Cheers!
Let’s begin by zooming out on the chart to get a sense of the important zones that we must consider when analyzing Polygon in its local price range.
When looking for Macro support, the strongest support line that we can draw rests at approximately $0.31 as marked by the bottom (green) line.
In the immediate short term, we are looking at local support at about $0.75, so there is quite a lot of space between our local and macro support lines. If MATIC can’t hold its local support line (green), then we may expect a fall to its bear market lows, which also happen to be its macro support at $0.31.
Lastly, let’s quickly analyze the resistance range drawn on the chart. This resistance zone ranges from $1.00-$1.30.
As it continues to bounce between local support and resistance, we will keep you posted on relevant developments in the chart…
Cheers!
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