Home Analytics of crypto Price Chart Broke the Range between $1.36 and $1.22 on the Upper Side, With a New Rise

Price Chart Broke the Range between $1.36 and $1.22 on the Upper Side, With a New Rise

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Crypto News

Polygon or MATIC is an easy-to-use platform for Ethereum scaling. It was founded in October 2017, by Indian developers Sandeep Nailwal, Jayanti Kanani, and Anurag Arjun. Its major focus is to increase scalability for different cryptos. Let us look at the technical analysis of MATIC.

Past Performance

MATIC opened on October 09, 2021, at $1.34. The price chart broke the box between $1.36 and $1.22 on the upper side, and the price hiked. It closed on 15 October 2021 at $1.58. This was an overall change of 17.9%.

Price Chart Broke the Range between 136 and 122 on

Source: https://www.tradingview.com/x/EprPMJLB/

MATIC Technical Analysis

The price took crucial support at $1.188 to rise and break out of the box between $1.36 and $1.22. It had risen high enough to break the resistance at $1.44 also. However, there are strong bullish signals today. The current trading price of MATIC is $1.523 which is 4.45% down as compared to yesterday.

OBV is showing a sharp decrease in the buying pressure. This is a signal to take a short position if the price breaks the support of $1.44.

RSI is again showing a sharp reversal in its trend. It is currently at 61.58%. This is a bearish signal. The traders may take a short position here.

MACD is confirming the last week’s trajectory of the price chart. The fast line went very close to the slow line, but then the trend reversed and the gap between them has increased. However, a clear call cannot be made based on this as MACD is a lagging indicator and there is no divergence from the price chart also.

Day-Ahead and Tomorrow

Fib retracement is showing that the price took support at the Fibonacci level of $1.23 to rise. It went up to break the Fibonacci levels at $1.28, $1.34, and $1.44.

Thus, the indicators are showing strong bearish signals today. Traders may take a short position by keeping the stop loss at $1.44. However, the price trend may also reverse itself from the $1.44 level. In that case, the target will be at $1.69 while the stop loss will be the same.

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