Polygon bulls in control, according to this indicator that Bitcoin continues in a range
- MATIC’s price remains strong despite facing rejection from a $0.8 high as price holds above key support area.
- MATIC is breaking out of a descending triangle as price looks strong despite Bitcoin (BTC) pulling down market prices.
- The price of MATIC is trading above key support at $0.77 as the price continues to trade above the 50 and 200 exponential moving averages (EMA) on the daily time frame.
Polygon (MATIC) price has held strong above the key support area after breaking out of its descending triangle and assuming a bullish price move against tether (USDT) as BTC price remains in its range, pulling most crypto assets down. The crypto market has not had the Uptober many expected, as the market has continued to fluctuate despite showing some good signs of rallying at the beginning of the month. Apart from a few exceptional coins, such as Polygon (MATIC), Bitcoin (BTC), Ethereum (ETH) and other crypto assets have remained dormant. (Data from Binance)
Polygon (MATIC) Price analysis on the weekly chart
Most projects have fared poorly in the bear market, with many experiencing more than 50% price declines, discouraging most traders and investors from stockpiling these assets.
With Bitcoin’s dominance (BTC.D) rising and the price of BTC moving in a range, this has affected most crypto projects, including the price of MATIC, as the price has shown less aggression after breaking out of its descending triangle. With BTC.D trying to resume its rally above the 43% mark, this will mean that altcoins will be hurt as BTC drops in price, preventing other coins like MATIC from rallying.
After rising to $1, the price of MATIC encountered resistance against a trend higher at $1.5 as the price struggled to break above the $1 resistance despite a rally from a weekly low of $0.3.
The price of MATIC moved back to the $0.77 area, where the price formed strong support to increase to a high of $1 as bulls continue to take control of the price; if the price of MATIC holds above 0.77 support, we may see more rallies from MATIC.
Weekly resistance for the price of MATIC – $1.
Weekly support for the price of MATIC – $0.77.
Price analysis of MATIC on the daily (1D) chart
The daily time frame for the price of MATIC has shown resilience as the price continues to hold and maintain bullish strength after a successful breakout from a descending triangle.
MATIC’s price failed to break above $1, but it has shown strength and held above key support as this would be the basis for more rallies.
If MATIC’s price breaks below $0.77, we could see bears take over the price of MATIC.
Daily resistance for the MATIC price – $1.
Daily support for MATIC price – $0.77-$0.7.
Featured Image From CPO Magazine, Charts From Tradingview
