-Price has been held up by the 200MA for nearly a month
-Bulls must clear $1.70 for a large price surge
Polygon (Matic) has been performing in an average way over the last month. Many coins have surged near their previous ATH but MATIC is still near 75% away. Over the last month, the overall cryptocurrency market has had one of the best months for some time. The majority of coins are up 100%-200% from their lows set on July 20th. Polygon offers an important platform for Ethereum scaling & infrastructure development. With MATIC staying in the top 20 coins recently, we can only expect more upside as long as BTC stays .
Ever since July 21st, Polygon has been holding above a mid term support trend. Each time price has touched this trend, it has bounced strongly thereafter which shows bulls are still strong in this market. The last time MATIC bounced off this trend, it accelerated with much strength past its downtrend line of near 4 months. At the time of writing, price has retested this as support & is heading towards its major of $1.63-$1.70. If MATIC manages to break & hold this zone, we should expect prices to rise to $1.88+.
Considering Polygon just broke out of its 4 month downtrend, we need to be weary of the fact that this could still be a false breakout. In the case MATIC fails to break over its major & breaks below this , we should expect MATIC to hold the $1.52 area. If this level fails to hold the price, MATIC should find support at the mid term support trend. Along with this trend lies the 200MA & this MA has held price up for over a month. Anything below these marks will leave MATIC in a bear trend.
While looking at the , we can see strength just attempted to break into the overbought region but was quickly rejected back down. If strength fully enters the overbought region, MATIC will have the fuel to break into its major . Anything below the 80 value will leave MATIC in a retracement. The is aiming towards the sky as it just broke over the 0 value a couple days ago. As of now, the seems to be in a neutral position.
MATIC Intraday Analysis
Spot rate: $1.64
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