- MATIC price has been indecisive for the last week as it consolidates around the range low at $0.758.
- A resurgence of buyers followed by a successful flip of $0.758 could result in a 20% run-up to $0.906.
- A daily candlestick close below $0.722 will create a lower low and invalidate the bullish thesis for Polygon.
MATIC price continues to consolidate around the range low for more than a week and shows no signs of breaking out. Investors should pay close attention and anticipate the bullish resurgence, which could trigger an explosive move.
MATIC price ready to make some noise
MATIC price crashed 26% between September 13 and September 21 and slipped below the range low at $0.758. Since then, Polygon bulls and bears have been in a fight to take control. So far, there are no discernable signs of an explosive move.
If buyers step up and push MATIC price higher to successfully flip the range low at $0.758 into a support level, it will be the first bullish signal.
The second sign that investors need to pay close attention to is for Polygon bulls to produce a higher high above the recent swing high at $0.784. These developments will indicate a willingness from the buyers’ camp and could be the key to triggering a 20% run-up to the range’s midpoint at $0.906.
Although unlikely, investors should watch for an extension of this move to the range high at $1.05, especially if the market conditions are right. This move by MATIC price would constitute a 40% gain and is likely where the upside is capped for Polygon in the short term.
MATIC/USDT 1-day chart
On the other hand, if MATIC price fails to move past the range low at $0.758, the consolidation might continue until Bitcoin price comes to the rescue. If MATIC price produces a daily candlestick close below the $0.722 support level, it will create a lower low and invalidate the bullish thesis for Polygon. In such a case, the altcoin could crash 10% to retest the $0.647 support level.
Note:
The video attached below talks about Bitcoin price and its potential outlook, however, this is still relevant as it is likely to influence MATIC price.
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
Ripple on-chain metrics show bullish signs amidst legal struggle with SEC, XRP eyes recovery
Ripple made a comeback above $0.48 on Tuesday and hovers above that level in Wednesday’s European session. Ripple on-chain metrics such as transaction volume and Network Realized Profit/Loss have turned bullish, supporting a recovery in the altcoin.
Bitcoin price falls amidst German government transfers, miners activity
Bitcoin (BTC) extends correction on Wednesday and hovers around $61,000 after finding resistance near the $64,000 level on Monday. Recent on-chain data indicates heightened selling activity from Bitcoin miners early in the week.
Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds
Bitcoin wipes out gains from the last week of June and falls below $60,000 on Wednesday. Ethereum and top altcoins ranked by market capitalization erased gains as the inflation outlook worsened. Ripple holds on to recent gains and hovers above $0.48 on Wednesday.
Three reasons why altcoins could shake off losses this week
On-chain data from Santiment shows that altcoins are currently in the opportunity zone, or generating buy signals. The top three altcoins in the buy zone are Basic Attention Token (BAT), Chromia (CHR), and Highstreet (HIGH), per Santiment.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.