- Polygon price breaking above the 200-day SMA.
- MATIC price set for return into the ascending trend channel at $2.00.
- Expect MATIC to rally further going into the Fed rate decision towards $1.75.
Polygon (MATIC) price has made a U-turn after slipping below $1.40 earlier this week. Global markets seem to be looking beyond the Fed rate decision later on today and are set for some good news that could make MATIC price action make a recovery first, and next restart an uptrend. The price target for today is set to $1.75-$1.80, but re-entering the ascending trend channel will be the ultimate goal for this week.
MATIC price set for the bullish breakout above 200-day SMA
MATIC price is set for a sizable bullish reversal of the downtrend that occurred the past few days as Polygon’s trend channel got broken to the downside. With that correction, bulls were able to stop and turn the descent around $1.40 and push the price back towards the 200-day Simple Moving Average (SMA) at $1.63. With that move, the Relative Strength Index (RSI) bounced off the border of being oversold and made a bullish knee-jerk reaction.
Expect to see this rally going into the Fed rate decision later today. If that decision falls in line with market expectations or holds a slight dovish message, expect investors to join in big numbers, pushing up buying volume and leading to a massive breakout trade that could touch $1.75 and the monthly S1 support level in a first phase. After that, expect buying to persist going into the late US close and even see price action fully regain the incurred losses towards $2.00, and following that re-enter the ascending trend channel. This means investors and bulls are in for a treat and could see 30% gains going into the trade.
MATIC/USD daily chart
Although currently, markets look to be set to book solid gains in the coming days, expect the Fed meeting to break that mood as quickly as it has arisen. A surprising comment of a rate hike could trigger another sell-off in the markets and set MATIC price back to the lows around $1.40, possibly even leading to a dip down towards $1.20. At that stage, MATIC price action is entering an area ideal for a fade-in trade between $1.20-$1.06.
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
US presidential election outcome could shape the future of crypto
US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).
Bitcoin Price Forecast: BTC recovers as Donald Trump takes lead on polls
Bitcoin (BTC) slightly recovered to around $68,800 on Tuesday, following a shift in the United States presidential race that saw former President Donald Trump regain the lead, after US spot Bitcoin ETFs experienced an outflow of over $540 million on Monday.
Crypto markets brace for volatility in tight race between Trump and Harris
The US presidential election is one of the most significant events in the world. Due to the influence of the country’s political decisions, policies, and economic approaches, it can significantly impact crypto and global markets.
Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections
MAGA (TRUMP) 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: 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.