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POLYGON (MATIC) – ALTCOIN CHART ANALYSIS

 


Today we take a closer look at Polygon (MATIC). After knowing only one direction for the last few weeks, up, are we now threatened with a correction? Or do we keep the trend and continue our journey upwards?


Polygon (MATIC) has now recovered after its brief dump below USD 2.00 and is currently at around USD 2.30. At the moment the 4H-EMA Ribbons serve as support.


There are several support zones below us, which, however, were created by fast pump & dumps. These are well and gladly filled. So there is a possibility here that we can drop again to around USD 2.15.



If this area breaks, prices below USD 2.00 are even possible again. The trading volume is declining and thus could indicate a larger movement in the next few hours. Directly above us is the monthly resistance P, which we have not yet been able to confirm as support.


On the daily chart we continue to hold our red uptrend. This has been active since May 2021 and has repeatedly served as support for a bounce. This trend is currently around $1.90.


So we can see that there is a lot of confluence in this area. It would not be bearish if we retested this area, quite the contrary, we would strengthen the trend.



As long as we can sustain this trend, we remain bullish. Only when we break this sustainably, several days below, do we have to look out for further support zones below it.

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