Bitcoin’s Impact on Polygon: Latest Market Analysis
Bitcoin, currently trading at $31,139, is surging towards its highest level in 2023. Breaking the $31,800 level is crucial for Bitcoin, affecting the altcoin market significantly. In this analysis, we focus on Polygon (MATIC) and its recent market movement.
Polygon Graph Analysis
In the Polygon (MATIC) graph, a rectangular structure on the four-hour chart recently broke, with the resistance line turning into a support level post-breakthrough. This formation is popular in traditional currency markets, indicating a rise. The subsequent increase after breaking the EMA 200 level reaffirmed its significance as a resistance point.
- Support Levels for MATIC: $0.598, $0.588, $0.580
- If the four-hour bar closes below $0.598, the possibility of a rise diminishes, and a decline gains momentum.
- Resistance Levels for MATIC: $0.613, $0.623, $0.633
- Breaking the $0.633 level and closing above it will indicate a strong bullish scenario for MATIC.
MATIC/ETH Graph Analysis
The daily MATIC/ETH pair chart shows an upward breakthrough of the narrowing triangle structure, indicating MATIC’s potential value gain against ETH. Significant partnership news from the Polygon team might follow this EMA 200 level breach, a notable event for Polygon enthusiasts.
- Support Levels for MATIC/ETH Pair: 0.0003594, 0.0003538, 0.0003469
- If the daily bar closes below 0.0003469, a bearish scenario will accelerate, causing MATIC to lose value against ETH.
- Resistance Levels for MATIC/ETH Pair: 0.0003752, 0.0003921, 0.0004102
- Breaking the 0.0004102 level and closing above it will signify a significant bullish breakthrough for MATIC against ETH.
