Ethereum has seen tremendous gains on its charts in the last week, gaining over 50% in six days. The bullish trend translated into upward rise in the majority of the market’s altcoins. Polygon was chosen by Disney for the Accelerator program last week. MATIC rallied strongly in response to the announcement, gaining about 70%. How high can the altcoin go?
Timeframe Polygon 12Hr
Polygon displayed significant downtrends into May-June on the 12hr chart. The declining trend began in mid-January. However, the alternate token has made a number of lower peaks since then, confirming the bearish trend.
Since May, the altcoin has faced two big resistance levels. They remained in the $0.55 – $0.6 range, with a value range of $0.72 – $0.8. Nevertheless, Polygon posted higher lows and surpassed the prior lower peak in the preceding month. MATIC’s long-term attitude shifted to bullish last week, when the alt surpassed $0.6.
MATIC’s ascent was halted by $0.95 to $1 when this content was being published. In the following weeks, $0.8 is likely to be a demand level. Lower period market members would like bulls to defend the $0.86-$0.88 price level.
For most of last month’s sessions, the Relative Strength Index (RSI) was over 50-neutral, with a tiny decline to 40. This revealed that market participants had anticipating price increases in recent weeks.
Furthermore, the rising price pushed the A/D line higher. This indicated that there was significant demand driving the current surge. Additionally, it demonstrated that the altcoin had greater upside potential. In addition, the Moving Average Convergence Divergence had enormous providing increased while rising above the zero line.
Following Disney’s statement last week, the long strategy briefly became overcrowded. MATIC’s short/long ratio on FTX was discovered by Coinglass to be 62%. Investors can buy the alt for $0.86 – $0.9 again, and then target $1.05, then $1.2 if Bitcoin remains bullish.
MATIC aficionados should keep an eye on Bitcoin trends because they can influence price movements in the altcoin arena. BTC resumed its upward trend Wednesday, trading in the green at $23,644. It’s intriguing to watch emerging market trends. Keep an eye out.
Dennis Diatel / shutterstock.com is credited with the editing.