Polygon token (MATIC) – Regained buoyancy and overstepped multiple resistances

Polygon token (MATIC) – Regained buoyancy and overstepped multiple resistances

Posted on Thursday, December 2 2021 at 10:39 pm GMT+0000

Polygon token (MATIC) has regained its buoyancy with a bounce near the 20-day exponential moving average, and recently managed to overstepped the November 23rd high, and the 23.6% Fibonacci retracement level of the 0.64-2.2 uptrend.

The advancing exponential moving averages and oscillators are confirming that positive forces are bolstering. The MACD is positively charged above its signal line in the positive territory, while the momentum oscillator is climbing well beyond zero.

So, if buyers stay in charge and successfully snap the 2.22 nearby high, preliminary resistance could transpire from the May 26th reaction high at 2.43. By overstepping that obstacle, they may pilot the price to challenge the all-time high at 2.72 before reaching the Fibonacci extension golden number at 3.21.

However, if upside momentum starts to wane, the price could pause in the region between the 23.6 Fibonacci level at 1.84 and the 5th high of 1.79 incapsulating the 20-day exponential moving average. Losing some more ground, it may then meet the 38.2% Fibonacci level at 1.61, which almost overlaps with the 55-day exponential moving average, besides, the ascending trendline residing nearby is certainly adding importance to the zone.