As optimism continues in the cryptocurrency market regarding spot Bitcoin ETF applications, Bitcoin has lately been facing selling pressure. Investors are increasingly turning their attention to underperforming projects, with Polygon (MATIC) experiencing a notable surge. The question arises: what can be expected for MATIC going forward?
In the four-hour MATIC chart, a narrowing wedge formation stands out, which did not break any support or resistance until December 26, providing key insights for futures market investors. The breakout on December 26 led to a momentum gain in MATIC’s price.
Key support levels to watch in the MATIC chart are $1.02, $0.98, and $0.94. A four-hour bar close below the critical support level of $0.98 could increase selling pressure on MATIC.
Important resistance levels in the four-hour MATIC chart are $1.07, $1.12, and $1.17. A close above the significant resistance level of $1.07 could propel MATIC’s price, potentially reaching its highest levels in recent months.
The daily MATIC/ETH chart highlights a rising channel formation, with only one support break since June, offering valuable data to investors. The recent surge past the EMA 200 (red line) has ignited the pair’s upward momentum.
Critical support levels in the MATIC/ETH chart are 0.00004567, 0.00004395, and 0.00004249. A daily bar close below the support level of 0.00004395 could lead to a depreciation in the MATIC/ETH pair.
Key resistance levels to monitor in the MATIC/ETH chart are 0.00004863, 0.00005061, and 0.00005333. A daily close above the resistance level of 0.00005061, especially where it intersects with the formation’s resistance line, could result in MATIC gaining value against Ethereum.