Long
Polygon MATIC could be in big trouble! $0.69?
BINANCE:MATICUSDT
The long tail on Polygon's April 25 and 26 candlestick indicates that the bulls are strongly defending the support at $0.94, but the bears are still active. The downsloping 20-day EMA ($1.05) and the negative RSI signal that the bears have the upper hand.
The sellers will try to prevent the recovery in the area between the 20-day EMA and the resistance line. If the price falls back from the resistance line, it will indicate the formation of a potential descending triangle pattern, which will complete on a break below $0.94. If that happens, the MATIC/USDT pair may experience a sharp decline to $0.69.
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The long tail on Polygon's April 25 and 26 candlestick indicates that the bulls are strongly defending the support at $0.94, but the bears are still active. The downsloping 20-day EMA ($1.05) and the negative RSI signal that the bears have the upper hand.
The sellers will try to prevent the recovery in the area between the 20-day EMA and the resistance line. If the price falls back from the resistance line, it will indicate the formation of a potential descending triangle pattern, which will complete on a break below $0.94. If that happens, the MATIC/USDT pair may experience a sharp decline to $0.69.
Let me know what you think!
Follow me for more TA!
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.