Dear readers, hello! Here Romain, for a technical review around the evolution of the prices of the MATIC cryptocurrency of the Polygon project. What resistance is capable of stopping this surge? What evolution compared to Bitcoin? Zoom technique.
Created in 2017, Polygon (formerly Matic network) is launched to address the scalability issue. It allows developers to quickly build a tailor-made blockchain that can connect toEthereum virtual machine. It allows a very fast and secure transfer of funds, without going through a protocol. Challenge.
MATIC – Weekly chart: V-bottom rebound
For several weeks now, MATIC entered a medium-term rebound with vigor. Indeed, prices have increased by 208% in just 5 weeks!
This type of rebound can be called V-bottoma pattern where the buyers forcefully regain control of the market, leading to a series of bullish candles in a short time.
Also, the indicator Ichimoku confirmed this rebound since the week of 11 July. The Tenkan was broken without much difficulty. The logical continuation of this rebound is now the Weekly Kijunlocated at $1.22. Coupled to the dish of Weekly BLUthis level will be significant resistance where the price is likely to stall. Importantly, the cloud is very thin, which makes it easier for prices to attempt to break through this level. The objective to $1.7the twist of the weekly cloud, could very well be reached this fall if prices keep this momentum.
Finally, volumes confirm the vigorous return of buyersthese being in sharp increase compared to the weeks of bearish correction.
MATIC – Daily chart: Ichimoku confirms the bullish trend
Since the start of the rebound in month of June, prices broke through significant short-term resistance to return above the daily cloud. The short term trend is therefore bullish.
In fact, the candle July 18 allowed a clear extraction, out of the daily cloud. And since the August 3the Delayed range also came out of the cloud. Confirmation of bullish signal.
The current resistance is at $1. This important area (all the round numbers have a major role) will be the trigger to return to find the $1.22 and especially the weekly target at $1.7.
There too, the volumes were significant. Although these have fallen over the last few days, the underlying trend seems to have tipped upwards for MATIC.
After such a rebound, a range would not be impossiblewhich could breathe a little and create a new zone of accumulation, important for the long term.
The evolution of the MATIC/BTC pair: Uptrend, there too…
Yes, MATIC outperforms, by far, the Bitcoin. And, there too, the trend is up.
Indeed, the rebound was so powerful that even the Bitcoin can’t do anything about it. And the daily chart confirms it with prices which have, there too, broken their cloud reporter. And this, long before the MATIC/dollar pair.
sign that MATIC is in great shape this summer and seems to have found a solid low pointmedium term.
There too volumes are the least important. This suggests entry into a short/medium term price range. Only the market will confirm the evolution of these prices.
Thank you for following this analysis. And see you next week to dissect another cryptocurrency.
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