- Polygon price is respecting a bearish trend line for November.
- MATIC price sees bulls at ease as three ascending indicators are supporting the uptrend.
- With the correction, MATIC could see 100% upside potential and a $3.0 price target.
Polygon (MATIC) price is under some pressure, with the upside capped by a purple descending trend line being respected throughout November. With the Relative Strength Index still quite elevated, it looks that bulls are using the dips and corrections as a chance to average in for further longs in MATIC price action. Even if the current support element fails, bulls are in a comfortable driving seat with two other bullish trend elements backing their corner.
MATIC price sees no reason for an end of the uptrend
Polygon price saw this week the topside being respected again, with bulls unable to break above and break the bearish element standing in their way from further upside. Instead, MATIC price corrected further to the downside and made a new low for November around $1.51. Bulls did not sit quietly in a corner scared for what's to come but instead bought in again with the buy-side volume elevated.
MATIC price sees proof of this by-side explosion in the Relative Strength Index (RSI) that is still quite elevated, even when MATIC price made a new low for the month. This shows bulls being very present and picking up MATIC around the 55-day Simple Moving Average (SMA). If that would not do the trick, bulls have the 200-day SMA, the green ascending trend line originating from July and backbone of this uptrend and last but not least, the monthly S1 support level between $1.30 and $1.25.
MATIC/USD weekly chart
With the bulls' presence growing further by the day, expect a breakout anytime soon, with first the break of the red descending trend line that would wash out quite a lot of bears in the process. Following resistance, MATIC bulls would face between $2.1 and $2.5. Certainly, that last one falls in line with the monthly R1 resistance level and would prove to be a tough one to crack. Once through there, MATIC price could rally by 100% and target $3.00 in the process.
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.
Recommended Content
Editors’ Picks
Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections
MAGA trades slightly down to around $3.4 on Tuesday after rallying more than 20% since Sunday. The former President Donald Trump-based memecoin is poised for further gains as daily active addresses and network growth metrics rise, signaling increased network usage and adoption.
Bitcoin ETFs beat Gold ETFs with 65% gain since launch
Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand
Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF
Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.