Polygon buyers finally accumulated enough strength to catalyze a bullish overturn on the Exponential Moving Average ribbons last week. A steady buying spree saw The alternative token float beyond the 38.2% FIB mark.
Bulls overpowered the previous FIB levels following ascending triangle breakouts. Sustained bullish efforts might support bulls in triggering the 50% FIB retest within the upcoming sessions. While publishing this content, MATIC traded at $0,8448, 4.45% down within the past day.
Polygon Daily Timeframe
The alt saw expected reversals from 23.6% Fib resistance in mid-June, and MATIC surrendered more than 50% of its value between June 10 and 18. Meanwhile, the market-wide resurgence saw buyers recouping to print a bullish setup on the daily chart.
The reversal opened gated for a breakout beyond the northbound EMA ribbons. Generally, bullishly filliping the ribbons sees bulls offering support around the 20/30 Exponential Moving Average. Moreover, buyers overpowered the shackles of the trend-line resistance, flipping it to support.
The declines from the 50% mark might witness bounce-back opportunities within the $0.77 – $0.73 price range. Such developments would see a bullish revival pushing the token to retest $0.9 before a trend-defining move.
Bears should ensure a closing beneath $0.6 to prohibit the buying surges. Here, the nearest trend-line support might offer rebound opportunities from $0.57 – $0.55.
Reasoning
The RSI’s (Relative Strength Index) latest growth witnessed expected reversals from the overbought territory. A sustained spot beyond 58 might back buying endeavors in the short term. Moreover, the MACD (Moving Average Convergence Divergence) stayed comfortably beyond the equilibrium, depicting a massive buying strength.
Moreover, the latest buying volumes have surpassed the selling momentum, highlighting enormous bull actions. However, buyers should defend the baseline at $0.74 to avoid fallout.
Final Thought
Polygon’s latest break beyond its Exponential Moving Average ribbons has confirmed bullish sentiments for the altcoin. Price targets would stay as discussed above. Nevertheless, enthusiasts should watch BTC tendencies as MATIC boasts a whopping 86% monthly correlation with the bellwether crypto.
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