- An analyst identifies a significant buy signal on the MATIC weekly chart.
- MATIC struggles to surpass the $0.768 resistance amid Ethereum-related uncertainties.
- MATIC’s price oscillation between $0.768 and $0.64 reflects market indecision.
An intriguing development has emerged for Polygon (MATIC). An analyst points toward a notable buy signal showcased on the MATIC weekly chart via the TD Sequential indicator.
This signal is being interpreted as a precursor to a potential upswing in Polygon’s trajectory, spanning over the course of one to four weeks. This revelation comes amidst MATIC’s recent sideways trading pattern, which has seen the digital asset struggling to breach the $0.768 resistance level.
Such stagnation mirrors the broader sentiment surrounding Ethereum, especially amid uncertainties stemming from the Spot ETH ETF. The market’s hesitancy to signal a decisive recovery has contributed to prolonged lateral movement in MATIC, a trend observed since mid-April.
Analyzing MATIC’s price performance throughout the last six weeks exposes a recurring fluctuation between the $0.768 and $0.64 horizontal thresholds. This seesawing motion highlights an absence of decisive influence from either buyers or sellers. Yet, delving deeper into the daily chart discloses a pivotal observation: MATIC’s consolidation is taking place above the supportive trendline of a symmetrical triangle pattern.
Read CRYPTONEWSLAND on
google news
Traditionally, such chart patterns suggest a phase of accumulation, wherein the prevailing trend gathers momentum before embarking on a bullish trajectory. This sentiment is echoed by market observers who anticipate a potential uptrend for Polygon, buoyed by the promising signals detected on the weekly chart. Should this analysis hold true, MATIC could potentially break past its overhead resistance, marking a significant trend reversal.
Read also:
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
