Polygon’s latest bullish surge propelled a break past the Exponential Moving Average ribbons to confirm a massive buying comeback. While the EMAs eventually took a bullish turn, the $1 territory has plateaued a green candles’ spree.
Meanwhile, breaching the upward channel has suggested buying momentum cooling. A significant jump beneath the present pattern might expose Polygon to a short-term downside within the upcoming sessions. While publishing this post, MATIC traded at $0.9215.
Polygon Daily Timeframe
The latest ascending channel oscillation aided Polygon bulls to dominate the trends and flip the 20 Exponential Moving Average to support from resistance. Nevertheless, the 200 Exponential Moving Average remained southbound while overlapping with the resistance at $1. This resistance conflux ensured a challenging obstacle for bulls in the near term.
The coming session might see the altcoin extending its compression around $0.88 – $1 while resorting to a side channel on the daily chart. Any decline beneath the sideways setup or the 20 Exponential Moving Average might expose MATIC to a near-term slide towards $0.809.
An ultimate closing beyond the $0.95 – $1.04 range might welcome a surge to $1.18. However, bulls were yet to amplify trading volumes to ensure a close beyond the nearest resistance range.
Reasoning
The RSI (Relative Strength Index) maintained its spot beyond the midline to highlight a brief buying superiority. A dip beneath the 58 support might reaffirm the downward bias on the price chart. Moreover, the CMF’s (Chaikin Money Flow) lower highs indicated buying pressure ease.
Traders should consider possible closing beneath the zero level to confirm bearish tendencies. Meanwhile, the AO (Awesome Oscillator) maintained gradual downtrends as it neared its equilibrium. A possible surge in volumes might bolster MATIC to overcome the low volatility phase.
Final Thought
Polygon’s sway beyond the Exponential Moving Average ribbons confirmed a massive bullish superiority. Meanwhile, near-term selling cues upon breakdown from the upward channel would reveal targets as discussed above.
Meanwhile, a closing beyond the 200 Exponential Moving Average would affirm bearish invalidations. Furthermore, enthusiasts should evaluate broad market sentiment for profitable undertakings.
Stay tuned for upcoming crypto news.
Editorial credit: FellowNeko / shutterstock.com
