• Tue. May 28th, 2024

Polygon (MATIC): Evaluating Chances of Rebounding from This Foothold

Barry Douglas

ByBarry Douglas

Nov 2, 2022
  • MATIC’s latest bearish revival saw sellers breaking the climbing wedge pattern.
  • The token’s social dominance & open interest confirmed slight bearishness.

The latest buying effort pushed MATIC beyond the shackles of the 24hr 20 Exponential Moving Average and the 50EMA as the price moved to test the resistance range at $0.94 – $0.93. MATIC recorded an anticipated reversal from the bearish pattern after plateauing within this range.

Meanwhile, buyers might seek to cancel the red candlesticks spree for a possible rebound in the upcoming sessions. While publishing this content, MATIC changed hands at $0.8906. The alternative token gained 3.62% within the previous 24 hours.

Can MATIC’s Northbound EMAs Support Bull Run?

MATIC witnessed a bearish flag pattern on the 24hr chart following an anticipated U-turn from the 9-month trend-line resistance. That came as sellers re-joined the marketplace. Nevertheless, the latest bounce back from the support at $0.698 triggered a buying surge beyond the 20-50 Exponential Moving Average.

Polygon’s massive two-digit growth in the past two weeks supported the altcoin to retest the resistance barrier at $0.94. buyers might target to keep their edge as the 20-50 EMAs look north following a golden cross.

Continued declines from the nearest resistance might secure resting grounds near $0.87 around the 20 Exponential Moving Average. An immediate/potential reversal from this foothold might provide ‘but’ opportunities.

The initial massive resistance would stand at $0.94. a closing beyond this level might clear the road for more gains. Meanwhile, a decline under the 20 Exponential Moving Average might cancel the short-term bullish tendencies, delaying the revival motives.

The RSI (Relative Strength Index) dropped from the overbought region, depicting eased buying momentum. Reversals from the middle line might highlight the bullish edge. A closing beneath the equilibrium might hint at bullish invalidations.

Reduced Social Dominance and Open Interest

Polygon’s social dominance flashed consistent lower highs since mid-September. Meanwhile, the price diverged to highlight an incline. MATIC might witness a pullback during the upcoming sessions.

Furthermore, assessing the Polygon Futures Open Interest revealed a 5.51% 24hr drop alongside price declines over the previous day. That indicated brief bearish inclinations within the futures market.

Barry Douglas

Barry Douglas

Barry Douglas, a seasoned online trading expert, enriches Big Trends Signals with his extensive industry experience, writing insightful guides and comprehensive reviews to assist traders navigate digital markets.

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