Polygon (MATIC) was founded in October 2017 by Kanani, Sandeep, and Anurag Arjun. It is considered in top coins on coinmarketcap with a ranking of 16.
MATIC is based on Ethereum protocol and was founded for the purpose to “create, issue and manage digital securities and vulnerabilities on the blockchain”. It is being traded at the rate of $1.49 currently with a change of plus 5.10% in the last 24 hours. Polygon is one of the most promising coins currently in the market.
Trading volume has increased by 27% in the last 24hours making the total volume $1,133,995,290.34.
Polygon Technical Analysis
Looking at the past, it can be clearly observed that Polygon (MATIC) is showing a correlated movement as of Bitcoin. Besides the BTC influence, what else can be looked at?
The market has been making Lower Lows and Lower Highs from 20 May 2021 i.e. $2.71637 (all-time high) to 21 July 2021 i.e. $0.6046. Recently as the market touched and mitigated the low which was created on 23 May 2021, Polygon has rallied up with huge momentum. In this recent situation mass psychology has played quite a big role. These 2 moves down to 0.7355$ had triggered buyers to get in as they are seeing price is rejecting from that zone and it can be considered as the double bottom on a bigger scale.
The market has broken the previous structure which was at $1.47715, moreover, the MACD is showing an increase in momentum, giving a sign of strong push, but the pullback can’t be ignored even with all these confluences. The market might pullback from $1.734 and continue downwards to Fibo level 0.618 which is at $1.04662 before going up.
All this is for the technical side but BTC plays an important role in this pair movement so it shouldn’t be ignored. Probably the first and most important confluence should be BTC and how it is behaving. Recent supports and resistances can be seen in the chart. Entries should always be taken with caution and with additional confluences, like RSI, MACD, or trend line.
Is the rising wedge a Bearish sign?
It can be seen that Polygon (MATIC) is forming a rising wedge that normally is a sign of a bearish prediction but in a strong trend and markets, these often fail but should never be ruled out of the question. Whatever the situation, play with the levels.
