Cameroon timber
Polygon (MATIC) After months of recovery, Polygon’s price increased by 100% this year to test the April 2022 breakdown level. It rejected that level yesterday and slipped slowly – now looking for solid support.
Last week saw MATIC through its first major correction of the month after marking a 9-month resistance at $1.365 – which now serves as a support level.
This week, it regained momentum and extended a bullish wave above this resistance to print a new one at $1.568. But unfortunately, the price reacted to that level, closing below the $1.5 level yesterday.
The price has dropped a bit lower today but is not significant enough to lieu the bears into the market. Despite the past 24 hours’ losses, the bulls still have the upper hand as they may refuel a rally above the $1.4 level.
Gauging price actions with the ascending channel formed on the daily chart, Matic appeared to have reached an exhaustion point. We can see that the price is recently rejected around the channel’s resistance.
The impulsive and retracement movement, forming a higher high and higher low pattern since last year June, suggests a bullish trend for Matic. But it currently looks set for another retracement, which might occur any moment from now.
Failure to retrace below the $1.3 price level could attract more buy actions in the future. The current market structure looks bullish across the higher time frame.
MATIC’s Key Levels To Watch
Source: Tradingview
Considering potential support for the current reduction, the level watch out for a retest lies at this week’s flip level of $1.354. The $1.26 and $1.17 supports are the levels to watch below, followed by $1.06 around the channel’s support.
For more upside movement, Matic would need to flip the mentioned yesterday’s high before breaking higher to $1.7 and $1.88, which are standing above the channel.
Key Resistance Levels: $1.568, $1.7, $1.88
Key Support Levels: $1.354, $1.17, $1.06
Spot Price: $1.47
Trend: Bullish
Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Image Source: benedak/123RF // Image Effects by Colorcinch