Technical analysis is a crucial indicator that investors, especially those operating in the futures market, need to constantly follow in the cryptocurrency market. So what clues does technical analysis provide for Chiliz, which is currently trading at $0.084, and Polygon, which is trading at $0.91? Let’s examine in detail the chart analysis, important support and resistance levels.
Chiliz Four Hour Chart Analysis
The rising channel formation stands out as the first formation structure on the four-hour chart of Chiliz. Along with the rises in the cryptocurrency market, many steps taken by the Chiliz team have helped CHZ gain momentum. However, the price getting stuck in a zone in recent bar formations may ring alarm bells for CHZ.
The support levels to be considered for CHZ on the four-hour chart are respectively $0.08132, $0.07879, and $0.07707. Especially if the bar closes below the $0.08132 support, Chiliz may lose momentum, and this downtrend formation may continue until the support of the formation.
The resistance levels that need to be monitored on the four-hour chart for CHZ are respectively $0.08510, $0.08800, and $0.09138. Especially if the bar closes above the $0.088 level, the rising channel formation will start to work in an upward direction, and CHZ price will gain significant momentum.
Polygon Four Hour Chart Analysis
With the developments in the Polygon sector, the noticeable rise in MATIC price continues. While the rising channel formation stands out on the four-hour chart, the resistance in this structure was broken in the recent bar formation. Whether this breakthrough in MATIC is a bull trap or the beginning of a serious rally will be determined in the future.
The support levels that stand out on the four-hour chart for MATIC are respectively $0.8784, $0.8312, and $0.8000. Especially if the bar closes below the $0.8784 level, MATIC may return to the formation zone and seek strength at the support line.
The resistance levels that need to be monitored on the four-hour chart for MATIC are respectively $0.9482, $0.9782, and $1.004. Especially if the bar closes above the $1.004 level, it holds significant importance for MATIC.
