POLYGON – ALTCOIN CHART ANALYSIS

Polygon (MATIC) broke its slight uptrend on the downside yesterday and we are trying to stabilize around $0.78. The sales volume was very high.

Directly below us at around USD 0.73 – 0.74 is the first smaller support zone, which could still give us some hope for a small recovery.

If this breaks, we have formed a lower low and we need to orient ourselves into the $0.64 area. There is a former resistance zone that we impulsively broke through. A retest of this zone is considered very likely.

Looking now at the daily chart, we can see that the trading volume is clearly declining and the larger uptrend has now also been broken through.

At the same time, let's take a look at the Fibonacci retracement level. The golden pocket (0.618 – 0.65 Fib. level) is around USD 0.58 – 0.60. At the same time we have the monthly support S1, which is only valid for a few days.

However, the 0.786 Fib is more interesting. levels. This is around USD 0.46 and at the same time represents a possible bottom, since we formed a very high volume in this area at the time. So this could be the target for the next few weeks if we don't see an impulsive countermovement in the golden pocket.

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