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Polygon (MATIC)

MATIC price defends 200-DMA as Polygon bears keep $0.95 in sight

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  • MATIC price is testing bullish commitments at the critical 200-DMA.
  • Polygon needs a sustained move above the 100-DMA to negate the bearish bias.
  • Bearish crossover and RSI suggest that the downside remains favored for MATIC.

MATIC price is consolidating the swift recovery seen on Friday following the crash to the pivot support just above the $1 mark.

Despite the volatile trading, MATIC price remains in a familiar between $1.30-$1 seen so far this week.

At the moment, MATIC bulls are looking to extend the previous recovery momentum, snapping the two-day downswing from three-week highs of $1.273.

It’s worth adding that Polygon is in a downside consolidative mode, awaiting a strong bearish catalyst to yield a sustained move below the $1 mark.

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MATIC/USD: Rejection above 100-DMA recalls sellers

From a short-term technical perspective, the downside appears more compelling for MATIC price, especially after the bulls failed to resist above the 100-Daily Moving Average (DMA) at $1.21 over the last two trading sessions.

The bear cross, represented by the downward-pointing 21-DMA having pierced the slightly bullish 50-DMA from above on Thursday, adds credence to the additional weakness in Polygon while the 14-day Relative Strength Index (RSI) trades flat-lined below the 50.00 threshold.

That said, MATIC bears need a daily candlestick closing below the critical upward-sloping 200-DMA at $1.05 to resume the correction from three-month tops of $1.875.

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Sellers will then target the horizontal (dashed) trendline support at $0.95 on intensifying downward pressure.

Further south, the $0.85-$0.80 demand area could come to the rescue of MATIC bulls.

MATIC/USD: Daily chart

On the flip side, a firm break above the 100-DMA is needed to negate the near-term bearish momentum.

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The bearish 21-DMA at $1.32 could keep the further upside elusive in MATIC price. The next relevant upside barrier is envisioned at the ascending 50-DMA at $1.38.

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Polygon (MATIC)

MATIC continues to march higher with $3 in sight

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  • MATIC price defies broader market concerns and weaknesses by moving higher and higher.
  • Bulls slap away any bears attempting to take control.
  • Early evidence of a short-term market top beginning to appear.

MATIC price action has certainly been some of the most dramatic post flash crash. Multiple vigorous attempts by short-sellers to push MATIC lower have all failed and have led to MATIC pushing towards new all-time highs.

MATIC price may have one final push before correcting

MATIC price action, in case you missed it, has gained over 66% from its flash-crash lows. This is a fantastic gain by any standard and one that could continue higher or face a solid but temporary pullback. Options and trade setups exist for bulls and bears.

On the long side of the market, a hypothetical entry would be a buy stop at $2.55, a stop loss at $2.51, and a profit target at $2.69. The entry is based on the breakout above a triple top. A trailing two-box stop would help protect any implied profits.

MATIC/USDT $0.01/3-box Reversal Point and Figure chart

The hypothetical long trade is invalidated if MATIC moves below $2.44.

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The short trade idea is a theoretical sell stop order at $2.44, a stop loss at $2.52, and a profit target at $2.12. The entry is based on a sell entry from a Pole Pattern retracement. Additionally, the entry would convert the $0.02/3-box reversal Point and Figure chart into a bear market.

MATIC/USDT $0.02/3-box Reversal Point and Figure chart

This trade is invalidated if the long entry identified above is triggered.

Traders on the short side are more at risk here than the longs. This is due to the proximity of MATIC price to new all-time highs and the persistent, sustained momentum higher in the short-term.

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Crypto Whale

Whales Added 1,899,990 MATIC to Their Holdings in Last 24 Hours

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Two of WhaleStats’ top 1,000 Ethereum wallets just bought 900,000 and 999,990 MATIC tokens, respectively.

Two Ethereum whales have added the amount of 1,899,990 MATIC ($4,417,976) in the last 24 hours, according to crypto whale tracker WhaleStats. Two of the largest 1,000 Ethereum wallets tracked by WhaleStats just purchased 900,000 and 999,990 MATIC tokens, or $2,087,999 and $2,329,977 worth, respectively, as Polygon continues to be a top choice among large investors.

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MATIC, the native token of the Polygon blockchain, has risen from Dec. 4 sell-off lows of $1.62 to highs of $2.52 on Dec. 7, a nearly 55% gain.

MATIC was slightly higher at $2.35 at press time. Aside from the whale buy, the price increase is the result of more users becoming aware of Polygon’s cheaper prices, increased efficiency and scalability. The anticipation for Polygon’s virtual “zk day,” which is set for Dec. 9, is growing. The focus of the event will be on the applications of zk-STARKs and zero-knowledge (ZK) proofs, with Ethereum co-founder Vitalik Buterin expected to speak on the panel.

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Polygon is a Layer 2 product that speeds up transactions by working on top of primary blockchains. It focuses on solving the Ethereum network’s scalability issues, which have resulted in congestion and high fees.

Polygon’s MATIC token is currently the 14th largest cryptocurrency with a market cap of $16.6 billion, according to data from CoinMarketCap.

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Polygon (MATIC)

Polygon(MATIC) Price Primed for a Bullish Breakout With 25% Upswing in Couple of Days

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The mammoth rally of Polygon in early 2021 is still unprocessed, while the asset is set to create yet another one. The MATIC price rose slowly until it reached $2, coiled up heavily, and was on the verge to hit the important levels at $2.5. These levels could certify the uptrend that would range beyond $3 slicing through the current ATH around $2.8.

The MATIC price rally approaching the ATH within a small stipulated time may reignite the bull run of numerous altcoins. Today, BitTorrent price ranged high breaking the huge downtrend line and heading towards its local resistance. The immense buying pressure raised the price breaking the ‘W-shaped’ pattern in the early trading hours. 

One of the popular analyst believes the $3 mark is around the corner and the MATIC price may achieve it very soon. 

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As per the chart posted by the analyst, the MACD previously made its bullish cross formation at a lower frame each time before. However, currently, the bullish cross formation on every higher low contact on the channel is up with the most recent being in the last week of November. And interestingly, this type of cross signifies the beginning of a new rally. 

The uptrend diverging line is based on higher highs and has an upside limit currently between $2.6 to $2.7. And if these levels are tested and cleared successfully, then $3 levels could be imminent which is slightly below the 2.5 FIB retracement levels. Moreover, the MATIC price has been above the support levels along with the 100-day MA in the daily chart since November 16 and 200-day MA since July 20. And based on these MACD levels, a strong 1-month rally may begin very soon. 

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