The eyes are on the weekly closings in the cryptocurrency market. Bitcoin was trading at $29,961 at the time of writing, and according to many analysts, a weekly close at this level will sustain the upward trend. Along with Bitcoin, there has been a revival in the altcoin market, and this trend may continue for a while. So, what do the charts say about Polygon? Let’s take a closer look.
Polygon Chart Analysis
On the daily Polygon chart, we can see that the downtrend from $0.90 has been broken with recent increases. One of the most important levels for MATIC continuing to rise above the EMA 7 and EMA 21 levels is the EMA 200 level at $0.726.
The support levels to watch on the daily Polygon chart are $0.560, $0.558, and $0.540, respectively. Especially if the daily bar closes below $0.558, the downtrend breakout may become invalid, and the decline in the MATIC price could accelerate.
The resistance levels to watch on the daily Polygon chart are $0.580, $0.596, and $0.637, respectively. In particular, breaking the resistance level at $0.580, which acted as resistance in the last bar, and closing daily above this level will accelerate the upward momentum in the MATIC price.
Polygon Hourly Chart Analysis
With the recent increases, many altcoins have experienced notable formation structures on their short-term charts. One of these formations is the ascending channel formation on the Polygon hourly chart. The recent multiple touches on the support line in the last few hours are particularly important for investors trading futures.
The support levels to watch on the Polygon hourly chart are $0.560, $0.555, and $0.551, respectively. In particular, if the hourly bar closes below $0.560, this structure will be disrupted, and the price will fall.
The resistance levels to watch on the Polygon hourly chart are $0.567, $0.575, and $0.580, respectively. In order to eliminate fear and concern in the support zone, the price needs to rise above $0.567. Additionally, breaking above the EMA 7 level, which acted as resistance in recent bars, above $0.565, will reduce the pressure on MATIC.
