Polygon (MATIC) – Exhibiting a sturdy positive tone; could be aiming to underpin the current medium-term structurePosted on Monday, September 12 2022 at 9:39 pm GMT+0000
Polygon (MATIC) switched to a bullish mode after the mid-August crash ceased near the 26th of July bottom. The bulls could be aiming to underpin the current medium-term structure by repeating July’s performance.
The soaring and positively aligned 50 and 100-day simple moving averages are indicating that positive forces are in the command seat, while the technical indicators are skewed to the upside. The TSI is strengthening above its signal line in the positive region and the RSI is rising some distance beyond 50.
The buyers will need a clear victory above 1.055 to sustainably drive the price towards the 161.8% Fibonacci extension level of the last leg lower at 1.241. Clearing that barricade will further boost optimism that the upward trajectory might hold on for longer and open the way toward the 261.8% Fibonacci level at 1.542.
However, failure to convincingly overcome the 1.055 barrier, the price will initially seek support from the 50-day simple moving average. Should this line fail to hold, bears will target the latest bottom at around 0.754 near which the 100-day simple moving average resides. Moreover, if selling forces intensify further and steer the price below that bottom, the 0.626 – 0.619 region linking the June 24th and the 8th of July tops could then come under fire.
All in all, Polygon continues to exhibit a sturdy positive tone, but buyers will be looking for a close above the 1.055 zone before they raise exposure in the market.