Dear readers, hello! Here Romain, for a technical review around the development of the prices of the MATIC cryptocurrency in the Polygon project. What resistance is capable of stopping this wave? What development compared to Bitcoin? Technical focus.
Created in 2017, polygon (earlier Matic network) is launched to solve the problem of scalability. It allows developers to quickly build a custom blockchain that can connect toEthereum Virtual Machine. It allows a very fast and secure transfer of money without going through a protocol. Challenge.
MATIC – Weekly Chart: V-Bottom Rebound
For several weeks now, MATIC entered a medium-term recovery with force. The prices have actually increased 208% in just 5 weeks!
This type of rebound can be called V-bottoma pattern where the buyers forcefully regain control of the market, leading to a series of bullish candles in a short period of time.
Also the indicator Ichimoku confirmed this recovery since the week of 11 July. The Tenkan was broken without much difficulty. The logical continuation of this rebound is now Weekly Kijunlocated at $1.22. Connected to the dish off weekly SSBwill this level be one considerable resistance where prices are likely to stagnate. Importantly, the cloud is very thin, making it easier for prices to try to break through this level. The goal to 1.7 USDtwist of the weekly cloud, this could very well be reached fall if prices maintain this momentum.
Finally, volumes confirm the strong return of buyersThese are up sharply compared to the bearish correction weeks.
MATIC – Daily chart: Ichimoku confirms the bullish trend
Since the beginning of the rebound in June, prices broke through significant near-term resistance to bounce back above the daily cloud. That short-term trend is therefore bullish.
Actually the light July 18 allowed a clear extraction, out of the daily cloud. And since August 3that Delayed span also came out of the cloud. Confirmation of bullish signal.
The current resistance is at $1. This important zone (all the round numbers play a big role) will be the trigger to go back to find $1.22 and especially the weekly target at 1.7 USD.
Also there, the quantities were considerable. Although these have fallen over the past few days, the underlying trend appears to be tipped to the upside MATIC.
After such a rebound, a range would not be impossiblewhich would allow it to breathe a little and create a new accumulation zone, important in the long term.
The evolution of the MATIC/BTC pair: Uptrend, also there…
Yes, MATIC performs far better than Bitcoin. And there too the trend is upward.
In fact, the rebound was so strong that even Bitcoin can’t do anything about it. And the daily chart confirms it with prices breaking theirs there as well daily cloud. And this, long before the MATIC/dollar pair.
sign it MATIC is in good shape this summer and seems to have found a solid lowin the medium term.
Also there volume is lower. This suggests entry into a short/medium term price range. Only the market will confirm the development of these prices.
Thank you for following this analysis. And see you next week to dissect another cryptocurrency.
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