In the cryptocurrency market, technical analysis is a continuously followed indicator for investors, especially those who trade in the futures market. As of this writing, Polygon is trading at $0.8330. What clues does the technical analysis provide for Polygon? We examine it with a detailed chart analysis and key support/resistance levels.
The first noticeable pattern in the four-hour chart analysis of MATIC is the rising channel formation. After the resistance touch on December 11th, MATIC, which faced serious selling pressure, found support at the EMA 200 (red line) level. The fact that the last bar closures are below the support line indicates a bad scenario, while the EMA 200 level playing a role as support here is of great importance.
The most important support levels to follow on the four-hour MATIC chart are respectively; $0.8217 / $0.7843 and $0.7431. In particular, a four-hour bar closure below the $0.8217 level, intersecting with the EMA 200 level, will cause significant selling pressure on the MATIC front.
The most important resistance levels to be aware of on the MATIC chart are respectively; $0.8429 / $0.8651 and $0.9009. In particular, a four-hour bar closure above the $0.8429 level, intersecting with the EMA 21 (blue line), will add momentum to MATIC’s price and refocus the formation structure.
The rising channel formation of the MATIC/ETH pair is noteworthy. After touching the resistance line on December 13th, the pair lost significant strength due to selling pressure. The fact that the last bar closures are below the EMA 7, EMA 21, and EMA 200 averages indicates a negative scenario for the pair.
The most important support levels to follow in the MATIC/ETH pair are respectively; 0.0003736 / 0.0003685 and 0.0003640. Particularly, a four-hour bar closure below the 0.0003736 level, being below this level which played a significant role in the last bar closures, will cause MATIC to lose value against Ethereum.