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Technical analysis plays a crucial role in the cryptocurrency market, especially for investors trading in the futures market. So, what does technical analysis tell us about Polygon (MATIC) currently trading at $0.914? Let’s examine the detailed chart analysis, important support and resistance levels.
Polygon (MATIC) Chart Analysis
The first notable formation on the two-hour MATIC chart is the wedge pattern. The recent increase in volatility on MATIC has led to the formation of a wedge pattern instead of an ascending channel formation. The current bar formations are below the EMA 7 and EMA 21 averages, which could trigger a negative scenario in the short term.
The important support levels to watch on the two-hour MATIC chart are as follows: $0.8918, $0.8628, and $0.8250. If the bar closes below the significant support level of $0.8918, it could pull the price towards the support line.
The crucial resistance levels to monitor for MATIC on the two-hour chart are as follows: $0.9173, $0.9326, and $0.9582. If there is a daily bar closure above the key resistance level of $0.9582, it could increase the possibility of a significant upward momentum for MATIC.
MATIC/BTC Chart Analysis
MATIC/BTC has recently experienced a notable uptrend. The breakout above the EMA 200 (red line) on the daily chart could lead to a significant price increase in this pair. Despite the lack of a healthy formation structure due to volatility, a breakout above the level seen in July would sustain the upward movement.
The support levels to watch for MATIC/BTC are as follows: 0.00002476, 0.00002342, and 0.00002160. If the bar closes below the intersection of the EMA 200 level and $0.00002342, it could indicate the end of the upward momentum.
The resistance levels to pay attention to for MATIC/BTC are as follows: 0.00002685, 0.00002838, and 0.00003091. If a daily bar closure occurs above the previous obstacle at $0.00002685, it could generate a significant momentum for MATIC.
