2024-8-22 20:30 |
Crypto analyst Ali Charts has highlighted Polygon’s (MATIC) price surge lately. However, the analyst has cautioned noting that the TD Sequential indicator on the MATIC chart is signaling a potential correction.
Amidst this backdrop, a technical analysis by altFINS highlights MATIC’s critical phase. Moreover, it reveals a bullish reversal pattern and key support and resistance levels.
#Polygon has seen a significant surge in recent days, but caution is advised. The TD Sequential on the hourly chart is signaling a potential correction for $MATIC. pic.twitter.com/RScDXNv4Nx
— Ali (@ali_charts) August 21, 2024 MATIC Price AnalysisAccording to AltFINS’ analysis, a falling wedge pattern has formed on the chart, which signals a bullish reversal. This pattern points to potential upside breakout when it is finished.
The analysis points to several critical resistance levels at $0.60 and $0.50, that MATIC needs to go past. The immediate resistance is at $0.43. On the support side, the critical zone is found at $0.33, which has before acted as a strong buying interest area.
Source: altFINS – Start using it todayWith the price of MATIC presently trading below the 200-day SMA and a bearish long-term trend, a retreat appears likely.
Moreover, the analysis suggests that there may be a change in momentum. This is because the MACD indicator is signalling a bullish crossover. This suggests a possible change in the underlying trend.
Oversold Conditions and Volume Spike Signal Potential ReversalOne notable observation is the recent oversold conditions detected in MATIC, as indicated by the RSI below 30. This was accompanied by a volume spike, often a precursor to a potential reversal. This bullish signal the possibility of a turnaround in the altcoin’s fortunes.
The analysis outlines two potential scenarios for MATIC. In the bullish case, a break above the falling wedge’s upper trendline, notably above $0.50, might spark a rally to the $0.60 barrier and possibly higher, with a goal of $0.73.
In the bearish situation, failing to break the $0.43 resistance and a decline below $0.33 could indicate further downwards, shattering the downward wedge formation.
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Polygon’s Pivotal Phase with CautionThe Polygon chart indicates a turning point, with a probable bullish reversal on the horizon if the price can overcome critical resistance levels.
While technical indications suggest a trend reversal, the research recommends caution and attentive monitoring of price movement to validate the positive scenario.
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