Polygon Shows Strength As Bulls Eye $1, But There Is A Key Issue Pending
28 Oktober 2022 - 4:00AM
NEWSBTC
MATIC’s price shows strength as it bounces from a downtrend range
price rallied to a high of $0.95 with eyes set on $1. MATIC
faces a major issue break and holds above 61.8% Fibonacci value and
trends higher to a region of $1. MATIC’s price remains strong on
the daily timeframe above the 50 Exponential Moving Average (EMA)
as the price aims for more rallies. The price of Polygon (MATIC)
has been one of the standout performers during the past few weeks
that saw the price of Bitcoin (BTC), Ethereum (ETH), and other
altcoins struggle to hold their key Support, the price of Polygon
(MATIC) showed strength holding above and bouncing off that region
of $0.77 away from this support area. The past few days have seen
the crypto market has looked more decent, with the likes of Bitcoin
(BTC) and Ethereum (ETH) showing some great price movement in
recent times. MATIC’s price is rallying from $0.83 to a region of
$0.95 as the price aims to take the market by its horn. (Data from
Binance) Related Reading: The Inverted Bitcoin Chart Bears Don’t
Wanna See | BTCUSD Analysis October 27, 2022 Polygon (MATIC) Price
Analysis On The Weekly Chart In recent times, Polygon has struggled
to regain its bullish momentum; despite the uncertainty that has
befallen the crypto space, the price of MATIC held its ground as
price defended its key support area of $0.77. MATIC’s price
had struggled to replicate its rally that took the price of MATIC
to an all-time high of $3 before it faced rejection to trend
higher. After trading in a range for weeks as the price continued
to look difficult to trade due to little to no volume to push the
price higher as the price continued to look stagnated, MATIC
finally showed some movement, rallying from its weekly low of $0.75
to $0.85 and closing higher after several weeks. Weekly
resistance for the price of MATIC – $1. Weekly Support for the
price of MATIC – $0.77. Price Analysis Of MATIC On The Daily (1D)
Chart In the daily timeframe, the price of MATIC continues to show
a more bullish scenario as the price rallied to a high of $0.95
before facing resistance to the trend to a region of
$1. The price of MATIC needs to break and hold above
$0.97 for the price to trend higher to a region of $1, which is a
key supply zone for most traders. The Fibonacci retracement
(Fib) value of 61.8% indicates MATIC’s price faced a rejection to
trend higher as the price tried to break above this key value. The
price of $0.97 corresponds to the Fib value of 61.8%. If the price
of MATIC closes above this level, we could see a rally to $1-$1.2.
Daily resistance for the MATIC price – $1. Daily Support for the
MATIC price – $0.85. Related Reading: Can Elon Musk Influence The
Next US Election? Featured Image From zipmex, Charts From
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