• Thu. Feb 29th, 2024

Polygon (MATIC): Buyers May Use This Strategy to Stay Profitable

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Sep 13, 2022

Polygon bulls secured renewed momentum recently, initiating action from the range support of $0.74 – $0.76. However, the resurgence triggered a reversal setup. Meanwhile, breaching the pattern discovered support at around the $0.8 value area.

The alternative token has dipped into a compression phase near the POC (Point of Control) at the $0.9 territory. MATIC would likely witness a dull period before a decisive volatile break during the coming sessions. While publishing this post, MATIC changed hands at $0.9052, surging 1.24% within the previous day.

Polygon Daily Timeframe

The previous upward channel growth supported MATIC bulls to overcome the value area of $0.74 – $0.76 and overturned it to the footing. The zone has ensured a foothold for MATIC’s corrections within the last month.

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The alternative token witnessed a short-term setback following a bearish pennant setup on the 24-hours chart. However, bulls retaliated at the baseline of $0.8 within no time. Polygon has its buyers striving to hit the resistance zone of $0.93.

Nevertheless, the coming sessions might see MATIC entering a slow period around $0.88 – $0.93 as the price swayed near the Point of Control. Meanwhile, buyers might strive to extend the short-term gradual revival as the 20 Exponential Moving Average remains northbound while keeping its spot beyond the 50EMA.

A closing beyond $0.93 would open the road for upside actions and indicate buying sign for MATIC. That would have potential targets at the $1.04 mark. An ultimate closing beneath the $0.88 foothold might trigger a short-term dip towards a long-term footing. Polygon bulls should amplify buying volumes to support a close past the nearest resistance zone.

Reasoning

The RSI jumped beyond the midline, depicting surged buying superiority. A close past 58-resistance would confirm the press time trend. Moreover, the CMF (Chaikin Money Flow) spot beyond the zero level supported the bullish pressure. However, its latest lowering highs might hint at a minor bearish divergence.

The AO (Awesome Oscillator) closed past the zero line (after three weeks) while confirming surging buying pressure. However, the ADX flashed a significantly weak directional bias for MATIC.

Final Thought

MATIC’s sway beyond the 20-50 Exponential Moving Average and the Point of Control confirmed a brief buying superiority. A closing beyond the resistance at $0.93 might cement the press time optimistic bias. Lastly, Polygon fans should watch BTC as its actions would affect MATIC’s tendencies.

Editorial credit: Postmodern Studio / shutterstock.com

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