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In the cryptocurrency market, technical analysis is an indicator that investors, especially those trading in the futures market, need to continuously monitor. So, what kind of clues does technical analysis provide for Polygon, which was trading at $0.8330 at the time of writing? We examine this with a detailed chart analysis and key support and resistance levels.
Polygon Chart Analysis
The first notable formation structure in the four-hour MATIC chart is the ascending channel formation. MATIC, which encountered significant selling pressure during the day after the resistance touch on December 11, received support from the EMA 200 (red line) level. The fact that the last bar closures are below the support line indicates a bad scenario, while the EMA 200 level’s role as support here is of great importance.
The most important support levels to follow in the four-hour MATIC chart are, in order; $0.8217 / $0.7843, and $0.7431. A four-hour bar closing below the $0.8217 level, especially intersecting with the EMA 200 level, will cause significant selling pressure on the MATIC front.
The most important resistance levels to be aware of in the MATIC chart are, in order; $0.8429 / $0.8651, and $0.9009. Particularly, a four-hour bar closing above the $0.8429 level intersecting with the EMA 21 (blue line) will help MATIC’s price gain momentum and bring the formation structure back into focus.
MATIC/ETH Chart Analysis
The rising channel formation structure attracts attention in the MATIC/ETH pair. After touching the resistance line on December 13, the pair lost significant strength due to selling pressure. The fact that the last bar closures remain below the EMA 7, EMA 21, and EMA 200 averages hints at a negative scenario for the pair.
The most important support levels to follow in the MATIC/ETH pair are, in order; 0.0003736 / 0.0003685, and 0.0003640. Particularly, a four-hour bar closing below the 0.0003736 level, which plays an important role in the last bar closures, will cause MATIC to lose value against Ethereum.
The most important resistance levels to be aware of in the MATIC/ETH pair are, in order; 0.0003773 / 0.0003842, and 0.0003908. Especially, a four-hour bar closing above the 0.0003842 level will alleviate concerns about selling pressure.
