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As the crypto market continues to wait with anticipation, numerous speculations and concerns have created significant selling pressure on major altcoin projects. While some analysts view these selling pressures as a healthy correction, others consider them the beginning of the end. So what do the chart analyses say for Polygon (MATIC)? Let’s take a look together.
MATIC Chart Analysis
In the four-hour MATIC chart analysis, the first notable pattern is the ascending channel formation. This structure has provided important clues for investors in the short term, as there have been no support or resistance breaks until the last bar closure. However, with the recent decline, MATIC staying below the EMA 200 (red line) will increase selling pressure.
The most important support levels to watch for MATIC on the four-hour chart are, in order; $0.7585, $0.7213, and $0.6805. Particularly, a four-hour bar closure below the crucial $0.7585 level, which has played an important role over the last week, will lead to selling pressure on the MATIC price.
The most important resistance levels to watch for MATIC on the four-hour chart are, in order; $0.8137, $0.8467, and $0.8892. Especially after the recent decline, a four-hour bar closure above the $0.8137 level, which now acts as resistance, will help MATIC gain momentum.
MATIC Weekly Chart Analysis
In the weekly MATIC chart, there is a contracting triangle formation. Within this pattern, the MATIC price continues to tighten and the direction of the formation will be determined by a break of support or resistance. The EMA 200 level acting as support in recent weeks brings the possibility of a long-term uptrend for MATIC one step closer.
The most important support levels to follow on the MATIC chart are, in order; $0.7297, $0.5951, and $0.4900. Particularly, a weekly bar closure below the significant $0.7297 level, which has played a large role in recent weeks, will lead to a depreciation in MATIC’s price.
The most important resistance levels to watch on the MATIC chart are, in order; $0.9860, $1.2692, and $1.5715. Especially, a weekly closure above the $0.9860 level, which has been a major obstacle in recent weeks, will help MATIC gain momentum.
