Polygon Bulls In Control, According To This Indicator As Bitcoin Continues In A Range
22 October 2022 - 5:00AM
NEWSBTC
MATIC’s price remains strong despite price facing rejection from a
high of $0.8 as the price holds above the key support area.
MATIC breaks out of a descending triangle as the price looks strong
despite Bitcoin (BTC) dragging market prices down. The price
of MATIC trades above key support of $0.77 as the price continues
to trade above 50 and 200 Exponential Moving Averages (EMA) on the
daily timeframe. Polygon (MATIC) price has held strong above
the key support area after breaking out of its descending triangle
and assuming a bullish price movement against tether (USDT) as BTC
price remains in its range, dragging most crypto assets down. The
crypto market has not had the Uptober that many expected, as the
market has continued to range despite showing some great signs of
rallying in the early part of the month. Except for a few
exceptional coins, such as Polygon (MATIC), Bitcoin (BTC), Ethereum
(ETH), and other crypto assets have remained dormant. (Data from
Binance) Related Reading: Tron Development Activity Grows In The
Last 7 Days – Except TRX Price Polygon (MATIC) Price Analysis On
The Weekly Chart Most projects have fared poorly in the bear
market, with many experiencing more than 50% price declines,
discouraging most traders and investors from stockpiling these
assets. With Bitcoin’s dominance (BTC.D) rising and the price of
BTC moving in a range, this has affected most crypto projects,
including the price of MATIC, as the price has shown less
aggression after breaking out from its descending triangle. With
BTC.D trying to resume its rally above the 43% mark, this would
mean altcoins will be hurt when BTC declines in price and prevent
other coins like MATIC from rallying. After rallying to $1,
the price of MATIC faced resistance to trend higher to $1.5 as the
price struggled to break above the resistance at $1 despite
rallying from a weekly low of $0.3. The price of MATIC retraced to
a region of $0.77, where the price formed strong support to rally
to a high of $1 as bulls still take control of the price; if the
price of MATIC holds above 0.77 support, we could see more rallies
from MATIC. Weekly resistance for the price of MATIC – $1. Weekly
support for the price of MATIC – $0.77. Price Analysis Of MATIC On
The Daily (1D) Chart The daily timeframe for the price of MATIC has
shown resilience as the price continues to hold and maintain
bullish strength after a successful breakout from a descending
triangle. MATIC’s price failed to break above $1, but it has
shown strength, holding above its key support as this would be the
basis for more rallies. If MATIC’s price breaks below $0.77,
we could see bears taking over the price of MATIC. Daily resistance
for the MATIC price – $1. Daily support for the MATIC price –
$0.77-$0.7. Related Reading: Why The Bitcoin Price May Be Ready To
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