• 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.

(Advertisement)Artificial Intelligence Crypto Trading
CypherMind-HQ.com Artificial Intelligence Crypto Trading System – Get Ahead of the Curve with this sophisticated AI system! Harness the power of advanced algorithms and level up your crypto trading game with CypherMindHQ. Learn more today!


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.

Feel free to share this article.

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.

Leave a Reply

Your email address will not be published. Required fields are marked *

Don't Miss Out On CypherMindHQ

#1 Artificial Intelligence Crypto Trading System

Sign Up Now

Try Crypto Engine With a Trusted Broker