Polygon Eyes Breakthrough: Can It Surpass $0.821, the 0.382 Fib Level?
The Polygon (MATIC) price has recently reached the 0.382 Fibonacci resistance level at around $0.821. Breaking through this resistance could lead to further price gains, with the next potential target being the golden ratio level at $0.89. If MATIC successfully surpasses this level, it may even exceed its previous high of $0.98.
4H Chart Analysis: Mixed Signals Emerge From Key Indicators
In the 4-hour chart, MATIC has experienced a bullish trend confirmed by a golden crossover of the Exponential Moving Averages (EMAs). However, caution is advised as the Relative Strength Index (RSI) is approaching overbought regions and the MACD histogram is showing signs of a bearish decline.
Weekly Chart Update: MACD Histogram Indicates Bearish Trend
In the weekly analysis, MATIC’s medium-term trend remains bullish with a golden crossover of EMAs and crossed MACD lines supporting a bullish outlook. However, the RSI is currently in a neutral zone, and the MACD histogram has shown a bearish decline since the previous week.
Monthly Chart Insight: MACD Histogram Shows Bullish Uptick for Third Consecutive Month
On the monthly perspective, MATIC has exhibited consistent upward movement for three consecutive months. Although mixed signals are present with crossed MACD lines and a neutral RSI, this upward trajectory could indicate a potential bullish trend reversal.
Polygon’s Price Stability Against Bitcoin: Maintaining Support at 0.0000203 BTC
In trading against Bitcoin (BTC), MATIC recently breached support at 0.0000213 BTC but found notable support at 0.0000203 BTC. The price is currently rebounding from this support level, with the next resistance at the 200-week EMA around 0.0000216 BTC. The MACD lines remain crossed in a bullish pattern, but caution is advised as the MACD histogram has shown a bearish decline and the RSI is neutral.
Hot Take: Polygon’s Potential for a Bullish Trend Reversal
Polygon (MATIC) has shown signs of potential upward movement, with resistance levels to overcome and mixed signals from key indicators. Breaking through these resistances and maintaining bullish momentum could signal a trend reversal and further price gains for MATIC in the near future.
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