MATIC price has more legs up as Polygon buyers step in


  • Polygon price action has been on the ascent since the correction on September 7.
  • Bulls are struggling to overcome a trend line that should be helping them.
  • Pop to the upside should favor the bulls and contain 12% gains if the monthly pivot can hold.

Polygon (MATIC) is recovering after losing 37% of its value on September 7. Since then, Matic was able to recover about two-thirds of that. But there is an obstacle in the way that in the past helped buyers as a supportive element. Buyers look bleak in their attempts to push MATIC above the yellow ascending trend line. A break higher should open up another 12% gain in price action for Polygon.

Polygon price need to pick up the pace

Polygon is a bit stuck for its next move as the ascending triangle is in their favor. Buyers have had a difficult time in making recovery work for Polygon. It was only since Thursday that MATIC had a daily close above the monthly pivot at $1.34. This pivot now should act as support and attract buyers to defend this level from a dip below. In the meantime, adding a new volume to the trade could do the trick of pushing MATIC above the orange ascending trend line originating from March 22. Granted that the trend line has been chopped up a bit in the past sessions, but the bodies of the candles are struggling to get above that trend line.

MATIC/USD daily chart

MATIC/USD daily chart

Once price action in Polygon can go and stay above the orange ascending trend line, expect a further run higher toward $1.57. If buyers can refrain from booking too much profit, there might even be another leg higher to $1.75. Then MATIC will have had a complete recovery, and the correction from September 7 erased and made good.

On the other hand, sellers will jump on the occasion to push price action downwards with the struggle buyers have to break the ascending orange trend line. Sellers will try to defend and will go for the rejection in price action. A break of the green ascending trend line can make price action drop again toward low levels near $1, which would bring MATIC back to the lows of September 7.



 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

XRP price must reclaim crucial level to avoid bigger losses

XRP price is on the edge of decline if it fails to rise above a critical resistance level, putting any chance of recovery in jeopardy. Ripple must also hold above its last line of defense to avoid dropping lower toward $1.

More Ripple news

Cardano price at make-or-break point while ADA remains indecisive

Cardano price has been on a tight consolidative move for more than a month. However, this coiling up is a precursor to an explosive move. While on-chain metrics are all hinting at a bearish outlook, technicals suggest that there is hope.

More Cardano News

Polkadot price targets all-time highs ahead of parachains launch

Analysts remain optimistic on the Polkadot network’s parachain launch scheduled for November 2021. Though the percentage of DOT tokens staked has dropped consistently, its price continues its upward climb. 

More Polkadot News

Dogecoin price to explode 50% as Shiba Inu profits head to DOGE

Dogecoin price has been on an uptrend for roughly a month, but the ascent seems to have evolved to a pattern that hints at a correction. Therefore, investors need to be aware of a short-term pullback for DOGE, which eventually results in a 50% climb.

More Dogecoin News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP