POLYGON – ALTCOIN CHART ANALYSIS

MATIC has hardly moved from the spot recently. After we saw a small dump over the weekend, it was immediately bought up again and we stabilized in the area of USD 1.40.

At the moment we are trading at around USD 1.44 and therefore hardly changed compared to the last few days. We recaptured the 4H-EMA ribbons and were able to use them as support for the time being. So far there has been no strong reaction.

It is now important that we take out the last highs in the short term and at the same time be able to see a significant increase in trading volume. Otherwise a fakeout can quickly form and we start the next correction.

Things are looking a bit more interesting on the daily chart so far, having formed bullish divergence here over the weekend. However, this has not yet ignited and could therefore provide some impetus in the next few days.

At the same time, we have the possibility of forming a double-bottom chart pattern. This could stand for the first major bottom formation and thus trigger a trend reversal in the near future. For this, the Daily-EMA ribbons must first be broken.

The resistance line of this chart pattern is around $1.70. This is also the end of the parent range. As soon as we break this sustainably and possibly confirm it, MATIC could be facing a larger move to the upside.

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