• Thu. Feb 29th, 2024

Assessing What Polygon (MATIC) Could Have in the Coming Week

Lisa Reyes

ByLisa Reyes

Nov 19, 2022
  • MATIC’s fall beneath $0.94 switched the short-term trend to seller favoritism.
  • The token’s network growth and social dominance plummeted.

The latest selling tendencies dragged MATIC into a bearish track, with the alternative token enduring a massive bearish action from the resistance at $1.2. The previous few days saw the asset constricting its high volatility, following slight slowdowns at the support floor of $0.87.

Meanwhile, sellers might aim to reestablish their regime if a bearish cross in the short-term Exponential Moving Averages materializes.

Polygon Consolidated Near EMAs

MATIC has triggered multiple bullish moves since breaking past the crucial trend line support, targeting the ceiling at $1.2. Meanwhile, the November 8 bearish engulfing candle strengthened the selling momentum and dragged the token beneath its 20-50-200 Exponential Moving Average.

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Nevertheless, MATIC lost nearly a 1/3 of its value over the past week, testing the support at $0.81. considering the southbound 20 Exponential Moving Average, a decisive death cross between the 20EMA and the 200-50 Exponential Moving Average might delay Polygon’s short-term recovery projections.

Reversals from the resistance range of $0.93 – $0.94 might stretch the show-moving period in the upcoming sessions. Breaching the support at $0.87 might trigger a decline toward $0.77 – $0.8. An immediate or possible revival from this foothold might offer buying opportunities.

The initial massive resistance mark would remain at $0.94. a close beyond this hurdle might welcome lucrative gains, pushing the alternative token beyond $1. The RSI (Relative Strength Index) swayed around the equilibrium, indicating a neutral stance.

To measure market momentum, buyers should watch for significant closing beneath or beyond the zero mark. Nevertheless, the OBV’s (on-balance volume) higher troughs within the past few days saw a bullish divergence with MATIC’s price action.

Declined Social Dominance & Network Growth

Santiment confirmed massive declines in Polygon’s network expansion from the highs of mid-October. Meanwhile, the same timeframe saw the price action on gradual growth. Also, MATIC’s social dominance noted declines over the past two weeks. That indicates a bearish bias for the alt, though targets would stay as discussed.

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Lisa Reyes

Lisa Reyes

Lisa Reyes is a skilled and experienced news writer known for her compelling storytelling and in-depth research. With a dedication to delivering accurate and informative news coverage, her articles provide readers with a comprehensive understanding of current events.

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