Polygon Observes Buy Signal: Analyst Suggests MATIC Rebound To This Level
06 April 2024 - 4:00AM
NEWSBTC
An analyst has explained how a buy signal forming in the price of
Polygon (MATIC) could lead to the asset rebounding towards these
price targets. Polygon Is Showing A TD Sequential Buy Signal Right
Now In a new post on X, analyst Ali has discussed about the a Tom
Demark (TD) Sequential signal forming in the MATIC price chart. The
TD Sequential here refers to an indicator in technical analysis
that’s generally used for pinpointing probable locations of
reversal in any given asset’s value. This indicator has two phases
to it, the first of which is known as the “setup.” In this phase,
candles of the same polarity are counted up to nine, at the end of
which the price may be assumed to have encountered a point of
reversal. Related Reading: This Bitcoin Indicator May Have Signaled
Latest Market Downturn In Advance Naturally, if the candles leading
up to the completion of the setup had been red, the reversal would
be towards the upside, while green candles would suggest a
potential top for the asset. Once the setup is done with, the
second phase called the “countdown” begins. This phase works
similarly to the setup, except for the fact that it lasts for
thirteen candles instead of nine. After these thirteen candles of
the same polarity are also in, the price may be considered to have
attained another likely point of reversal. Polygon has recently
completed a TD Sequential phase of the former type. Below is the
chart shared by Ali that shows the formation of this TD Sequential
signal for the MATIC daily price. The recent pattern forming in the
1-day price of the cryptocurrency | Source: @ali_charts on X As
displayed in the above graph, the Polygon daily price has finished
a TD Sequential setup with a downtrend recently. This would suggest
that the asset may be at a potential bottom at the moment. “If
MATIC stays strong above $0.87, we could see a rebound to $0.95, or
better yet, $1!” says the analyst. A potential rally to the former
of these targets would suggest an increase of more than 8% from the
current price, while a run to the latter level would mean growth of
almost 14%. Related Reading: Bitcoin Short-Term Holders Capitulate:
$5.2 Billion Sold At Loss It now remains to be seen how the Polygon
price will develop from here and if the TD Sequential buy signal
will end up holding or not. MATIC Price The past few weeks have
been a bad time for Polygon investors as the cryptocurrency’s price
has slid down all the way from around the $1.3 level to now the
$0.87 mark, corresponding to a drawdown of over 33%. The chart
below shows what the trend in MATIC’s value has looked like over
the past month. Looks like the price of the asset has plunged over
the past month | Source: MATICUSD on TradingView Amid this downward
trajectory, the TD Sequential buy signal may perhaps end up being
at least a glimmer of hope for the Polygon holders. Featured image
from Shutterstock.com, charts from TradingView.com
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