- An analyst identifies a significant buy signal on the MATIC weekly chart.
- MATIC struggles to surpass the $0.768 resistance amid Ethereum-related uncertainties.
- MATIC’s price oscillation between $0.768 and $0.64 reflects market indecision.
An intriguing development has emerged for Polygon (MATIC). An analyst points toward a notable buy signal showcased on the MATIC weekly chart via the TD Sequential indicator.
This signal is being interpreted as a precursor to a potential upswing in Polygon’s trajectory, spanning over the course of one to four weeks. This revelation comes amidst MATIC’s recent sideways trading pattern, which has seen the digital asset struggling to breach the $0.768 resistance level.
Such stagnation mirrors the broader sentiment surrounding Ethereum, especially amid uncertainties stemming from the Spot ETH ETF. The market’s hesitancy to signal a decisive recovery has contributed to prolonged lateral movement in MATIC, a trend observed since mid-April.
Analyzing MATIC’s price performance throughout the last six weeks exposes a recurring fluctuation between the $0.768 and $0.64 horizontal thresholds. This seesawing motion highlights an absence of decisive influence from either buyers or sellers. Yet, delving deeper into the daily chart discloses a pivotal observation: MATIC’s consolidation is taking place above the supportive trendline of a symmetrical triangle pattern.
Traditionally, such chart patterns suggest a phase of accumulation, wherein the prevailing trend gathers momentum before embarking on a bullish trajectory. This sentiment is echoed by market observers who anticipate a potential uptrend for Polygon, buoyed by the promising signals detected on the weekly chart. Should this analysis hold true, MATIC could potentially break past its overhead resistance, marking a significant trend reversal.
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The post Top Analyst Says This Technical Indicator Signals Polygon’s Bullish Rally appeared first on Crypto News Land.
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