Bitcoin, which is currently trading at $31,139 at the time of writing, continues to move towards the highest level of 2023 with its recent surge. The surpassing of the $31,800 level will break an important resistance level for Bitcoin and also affect the altcoin market. In this article, we will examine the graph of Polygon, which will make its investors happy with its latest move.
Polygon Graph Analysis
In the Polygon (MATIC) graph, the rectangular structure formed on the four-hour chart finally broke and the resistance line worked as a support level after the breakthrough. This structure is a popular formation in traditional currency markets and a formation that supports the rise. The rise that followed the breakthrough of the EMA 200 once again demonstrated that this level serves as a significant resistance.
The support levels that need to be followed for MATIC are respectively $0.598, $0.588, and $0.580. Especially, if the four-hour bar closes below the $0.598 level, the possibility of a rise will decrease and the decline will gain momentum.
The resistance levels that need to be considered for MATIC are respectively $0.613, $0.623, and $0.633. Especially, the breaking of the $0.633 level, which was not broken in the last two rises, and the closing of the four-hour bar will be the main scenario to be followed for MATIC.
MATIC/ETH Graph Analysis
The upward breakthrough of the narrowing triangle structure in the daily MATIC/ETH pair indicates that MATIC will gain value against ETH. Especially, important partnership news can come from the Polygon team with the breaking of the EMA 200 level. This chart structure stands out for Polygon, which has been frequently mentioned recently.
The notable support levels for the MATIC/ETH pair are respectively 0.0003594, 0.0003538, and 0.0003469. Especially, if the daily bar closes below the 0.0003469 level, it will accelerate the bearish scenario and MATIC will lose value against ETH.
The notable resistance levels for the MATIC/ETH pair are respectively 0.0003752, 0.0003921, and 0.0004102. Especially, the breaking of the 0.0004102 level and the daily bar closing above this level will lead to the breaking of both the EMA 200 level and the significant resistance levels. As a result, MATIC will gain value against ETH.
