Weekly Cryptocurrency Market Overview
The cryptocurrency market’s weekly closings have captured significant attention. As of the time of writing, Bitcoin is trading at $29,961. Many analysts suggest that a weekly close at this level could sustain the current upward trend. Concurrently, the altcoin market is experiencing a resurgence, and this trend shows promise for continued growth. In this article, we will delve into the analysis of Polygon’s performance to gain insights into its potential future scenarios.
Polygon Chart Analysis
Turning our attention to the daily Polygon chart, it is evident that the downtrend from $0.90 has been broken due to recent increases. To assess MATIC’s potential for further growth, one of the critical levels to monitor is the EMA 200 level at $0.726, provided that MATIC continues to trade above the EMA 7 and EMA 21 levels.
The support levels to keep an eye on in the daily Polygon chart are as follows:
- $0.560
- $0.558
- $0.540
Of particular significance is the daily bar closing below $0.558, which could potentially invalidate the breakout from the downtrend, leading to an accelerated decline in MATIC’s price.
Conversely, the resistance levels of interest in the daily Polygon chart are:
- $0.580
- $0.596
- $0.637
Breaking the resistance at $0.580, which recently acted as a barrier, and achieving a daily close above this level, could stimulate an upward momentum in the price of MATIC.
Polygon Hourly Chart Analysis
Recent surges have led to the formation of notable structures on the short-term charts of many altcoins. One such formation is the ascending channel on the Polygon hourly chart. The multiple recent touches on the support line within the past few hours hold significant importance for investors, especially those trading futures.
The support levels to monitor in the Polygon hourly chart include:
- $0.560
- $0.555
- $0.551
A particularly crucial point to observe is if the hourly bar closes below $0.560, as this could disrupt the established structure and result in a price decline.
On the other hand, the resistance levels on the Polygon hourly chart that warrant attention are:
- $0.567
- $0.575
- $0.580
To alleviate concerns within the support zone, the price must rise above $0.567. Furthermore, breaking above the EMA 7 level, which previously acted as resistance in recent bars, above $0.565, would help alleviate pressure on MATIC.
