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Polygon: Shaken UpFollowing an impressive 60% rally from the low of the green wave on November 5, POL has seen a sharp pullback since Tuesday, shedding about 20% of its value. The price remains stuck within our blue Target Zone between $0.30 and $0.47. However, it should exit this range during the ongoing blue upward wave (i) to surpass the August 21 high at $0.60. However, if the price instead falls below the support at $0.28, the green wave alt. will mark a new low. This would delay the development of the blue five-wave upward structure – a scenario we rate with a 37% probability.
CRYPTOCOM:POLUSD
by MarketIntel
#Polygon Tanks 30% in Less Than 3 Weeks, Support at $1.10Past Performance of Polygon Polygon prices more than double from January to February. MATIC rose 108% from December lows and remains within a bullish formation despite recent losses. From the daily chart, MATIC is down 30% from February peaks and likely to post even more losses in sessions ahead. #Polygon Technical Analysis Polygon prices fell over the weekend, continuing their retracement from February highs. The token now has support at the 61.8% retracement level though the uptrend remains valid. As it is, traders can find support at $1.10 with resistance at $1.30, coinciding with the 38.2% Fibonacci retracement of the December to February 2023 trade range. Any loss below $1.10, confirming losses of March 3 and 4, might see MATIC slide to $0.95, a reaction line flashing with December highs. Meanwhile, optimistic traders can wait for an expansion above $1.30 before loading, targeting February highs at $1.58. What to Expect from #MATIC? The uptrend remains bullish, but bears are pressing on. With MATIC down roughly 30% from February peaks, retesting a critical Fibonacci retracement level, traders can wait for a definitive breakout. Gains above $1.30 or losses below $1.10 will shape the short-term trend. Resistance level to watch out for: $1.30 Support level to watch out for: $1.10 Disclaimer: Opinions expressed are not investment advice. Do your research.
MShort
by Bitcoin_Analyzer
#Polygon Finds Support at $1.30, Is The Bull Run Over?Past Performance of Polygon Despite the contraction of the past few days, Polygon is trading above November highs, and looks firm. The coin is up roughly 80 percent from December lows, and trading above the middle BB, signaling strength. Per the current setup, support lies at $1.30. #Polygon Technical Analysis The overvaluation of February 18 is being corrected in a move that has seen bears wipe out gains of February 17. Despite the cool-off, the primary trend remains bullish. This will hold especially if MATIC prices are still above $1.30 by the close of this week. After an impressive surge from December 2022 lows, the retracement was expected. The trend will continue if there are fresh gains above $1.60, with expanding volumes. Meanwhile, losses below $1.30 may spark a sell-off, forcing MATIC towards $1.15 and later $0.95, which are critical support lines of the December to February trade range. What to Expect from #MATIC? Traders should watch out for the middle BB, the flexible support line. A breakout below this level may set the base for a leg down in an inevitable correction. Specifically, how MATIC reacts at November 2022 high at $1.30 is important in the near term. Resistance level to watch out for: $1.60 Support level to watch out for: $1.30 Disclaimer: Opinions expressed are not investment advice. Do your research.
M
by Bitcoin_Analyzer
#Polygon is bullish, but MATIC Has Support at $0.76Past Performance of Polygon Like the rest of the markets, MATIC is in range, moving horizontally without a defined short-term trend. From a top-down preview, buyers have the upper charge if the H2 2022 price action leads. The immediate support line is around $0.76, while resistance is at $0.93 and $1, respectively. #Polygon Technical Analysis Presently, MATIC prices are in a tight consolidation. Although prices are below the middle BB, trending lower, there have been higher highs relative to the lower BB, with support at $0.76. MATIC is currently inside the bear bar of December 19, influenced by sellers of December 16, as a bear flag prints. Traders can stay neutral if prices are above $0.76 but below $0.83. A break out above December 19 bar may see MATIC float to $0.93 in a welcomed bullish formation. Conversely, losses below $0.76 could see MATIC fall to September lows of $0.70. What to Expect from #MATIC? MATIC is bullish at spot rates, but there must be a definitive close above $0.83 for prices to recover, ideally to November highs. However, if there are losses below $0.76, the coin could tumble to September lows as bears press on. Resistance level to watch out for: $0.83 Support level to watch out for: $0.76 Disclaimer: Opinions expressed are not investment advice. Do your research.
MLong
by Bitcoin_Analyzer
1
#Polygon Soars 28% From Q3 Lows, Will MATIC Breach $1?Past Performance of Polygon Polygon could be up 28 percent from September lows, but bears are still in a commanding position. Overly, MATIC is bearish from a top-down preview and consolidating below $1. As long as the coin is trending below this psychological liquidation level and trading volumes are suppressed, traders can search for entries to liquidate. This preview can only shift once there are gains above $0.95, with traders confirming gains of late November 2022. #Polygon Technical Analysis At present, MATIC is consolidating. The path of least resistance in the short term appears northwards. The immediate resistance level is at $0.95, while support remains at $0.88. The optimism stems from the fact that prices are inside the November 30 bullish engulfing bar. From an effort-versus-result perspective, this is bullish, especially now that the recent bars driving MATIC lower are with low volumes. A close above $0.95 may see prices rise, roaring towards $1 in continuation of late November surges. Conversely, if MATIC sellers force prices lower, the coin could crumble, sinking to $0.80 or worse. What to Expect from #MATIC? Polygon is propped by solid fundamentals, looking at the performance in the daily chart. All the same, like the rest of the crypto assets, MATIC is under pressure. Ideally, a close above $1 will trigger demand. But before then, the main resistance level lies at $0.95. Resistance level to watch out for: $0.95 Support level to watch out for: $0.88 Disclaimer: Opinions expressed are not investment advice. Do your research.
MShort
by Bitcoin_Analyzer
#Polygon Explodes, MATIC Heading Back to $1?Past Performance of Polygon Polygon often tears higher, even outperforming the market whenever there is activity on Ethereum. However, in the current case, MATIC prices are reaping higher and expanding faster towards September 2022 highs from the middle BB. With a bullish engulfing bar and a spike in trading volumes, the odds of MATIC surging above $0.95 remains high; an opportunity for traders. #Polygon Technical Analysis The path of least resistance has always been northwards, at least considering how MATIC performed in Q3 2022. The primary liquidation line is at $0.95, coinciding with September highs. With buyers in charge, every low might offer an entry with targets at $1, coinciding with August 2022 highs. Notably, the recoil of prices from the middle BB is with high trading volumes pointing to activity. Therefore, while conservative traders may wait for a clean break above $0.95, a follow-through may see MATIC easily float to $1.35, or Q1 2022 lows in a retest. What to Expect from #MATIC? MATIC found support at around the 50 percent Fibonacci retracement level, validating the current uptrend. After a protracted consolidation, there is an explosion in activity pointing to renewed confidence, an opportunity for MATIC bulls. Resistance level to watch out for: $0.95 Support level to watch out for: $0.82 Disclaimer: Opinions expressed are not investment advice. Do your research.
MLong
by Bitcoin_Analyzer
#Polygon Prices Volatile; are MATIC Bulls readying for $1?Past Performance of Polygon Like the rest of the crypto market, Polygon is moving within a narrow range and is bearish. Therefore, while buyers stand a chance, sellers may press on and force MATIC below multi-week support. Per the MATIC price arrangement in the daily chart, support lies at $0.701. #Polygon Technical Analysis MATIC prices are range bound at spot rates, anchored within the September 22 bull bar despite strong opposition to the upside. Primary support is at $0.701, marking last week's lows and flashing with the 50 percent Fibonacci retracement level of the June to August 2022 trade range. Technically, traders might find loading opportunities if prices are above $0.701, targeting $0.930 in the medium term. Conversely, sharp losses below this week's low may crush bulls, initiating a sell-off towards $0.60, the 61.8 percent Fibonacci retracement of the above-mentioned trade range. What to Expect from #MATIC? The crypto market is volatile, and so is MATIC. There are hints of strength, but the uptrend may hold if prices exceed $0.701. This may, in turn, fan demand, lifting the coin towards $0.930 and later $1 in a buy trend continuation formation. Resistance level to watch out for: $0.930 Support level to watch out for: $0.701 Disclaimer: Opinions expressed are not investment advice. Do your research.
MShort
by Bitcoin_Analyzer
#MATIC Prices Steady above $0.75, Are Polygon Bulls Back?Past Performance of Polygon Polygon found support on September 19. Prices are currently steady and at around $0.75, back in a trading range. Buyers stand a chance based on the MATIC price action in the daily chart. However, for buy trend continuation in line with gains of early Q3, prices must be firm above $0.75 and even reverse losses posted over the weekend. #Polygon Technical Analysis Buyers have a chance to reverse the current trend and force price action back to green. Presently, the primary support at $0.75 holds, and sellers have been rebuffed following encouraging gains on September 19. A confirmation of yesterday's gains, unwinding losses of September 18 as prices soar above $0.84, may be the basis for another leg up to September highs at around $0.93. This level should be the bulls' immediate target. However, if MATIC slips below $0.75, the coin may crater to $0.50, around the 78.6 percent Fibonacci retracement level of the June to August 2022 trade range. What to Expect from #MATIC? Buyers are upbeat after the rebound of prices on September 19. Still, there must be more assurance for a buy trend continuation. Gains above $0.85 could form a solid anchor for buyers targeting $0.93 and even $1 in days ahead. Resistance level to watch out for: $0.85 Support level to watch out for: $0.75 Disclaimer: Opinions expressed are not investment advice. Do your research.
M
by Bitcoin_Analyzer
Polygon Recovers, will MATIC Float to $1 in a Bull Continuation?Past Performance of Polygon Polygon is steady when writing, adding seven percent on the last trading day and down 14 percent week-to-date. In a bear breakout below a bull flag, sellers have the upper hand and appear determined to reverse gains of the first half of last week. Per the formation in the daily chart, MATIC prices will likely drop to $0.70 in a retest and completion of the second phase of a typical breakout formation following gains on July 14. #Polygon Technical Analysis Despite the bounce in the early Asian session, sellers are currently in charge and will most likely confirm losses of July 26 in a continuation pattern reflecting losses of early May 2022. Notably, the bear bar that forced prices below the recent bull flag and July 18 lows has high trading volumes pointing to high participation, marking weakness. Therefore, based on the formation in the daily chart, traders may search to find unloading opportunities on every pullback, with targets at $0.60 in the short term. It would be especially the case if MATIC bulls failed to unwind losses and force prices above $0.80. However, any unexpected surge above $0.90 will strengthen bulls, laying the foundation for a refreshing surge towards $1. What to Expect from #MATIC? Technically, MATIC is within a bullish breakout formation. Even so, given the strong liquidation of July 26, the coin will likely plunge back to $0.70 and $0.60 in a retest should prices be capped below this week’s highs. Resistance level to watch out for: $0.90 Support level to watch out for: $0.60 Disclaimer: Opinions expressed are not investment advice. Do your research.
MShort
by Bitcoin_Analyzer
#Polygon Blitz, MATIC may Tank by Another 25% to $0.30Past Performance of Polygon After soaring to $2.88 in Q4 2021, MATIC is now crumbling. The coin is down over 85 percent from peaks in a bear breakout formation. In the past 24 hours alone, MATIC has dropped 12 percent, and traders are in red, unable to cope with the deluge of selling pressure. Technically, Polygon remains in a bear breakout formation, favoring determined sellers. #Polygon Technical Analysis MATIC bears are riding the lower BB, pointing to strong selling pressure. With the immediate resistance level set at $0.55, every retracement towards $0.45 and $0.50 could allow sellers to double down, targeting $0.30. Aligning with this preview is the level of participation in the past three days and the inability of buyers to reverse losses. At the same time, shifting sentiment skewed for bears doesn't help MATIC bulls. As such, sellers may look for entries to dump on every attempt higher. An unexpected surge above $0.50 could buoy demand, forcing prices above $0.55 in a retest and possible bottoms. What to Expect for #MATIC? Buyers have been demolished when writing and sellers are in control. The alignment of bear bars along the lower BB suggests strong selling pressure and high volatility, considering the divergence. In this way, MATIC is more likely to tank than print higher. Resistance level to watch out for: $0.50 Support level to watch out for: $0.30 Disclaimer: Opinions expressed are not investment advice. Do your research.
MShort
by Bitcoin_Analyzer