- MATIC price still hovers in choppy situations.
- The alt records whipsaw price actions while within a rising wedge pattern.
- Mixed bias presents mixed signals; bullish and bearish directions weigh equal.
Polygon (MATIC) price actions remain highly indecisive and with false moves. Despite that, the altcoin’s overall trend remains up, though weak. Nevertheless, the conditions in the financial space had most assets giving false breakout. For instance, Solana presented a weak upbreak on Monday before dropping towards the crucial support floor.
Polygon Price Can Break Higher, but $1.70 Retest is Likely
MATIC appears ready to record a bearish fakeout on the daily candle chart. The oscillators indicated that momentum faded, and market players might see MATIC shifting on a downside journey. However, the value area at $1.70 will limit the downward movements.
A move towards $1.70 can be a lucrative chance for bulls to serve bears a taste of how fakeouts feel. Buyers have tried to push Polygon up four times, but they failed on all attempts. That had the crypto returning into the rising wedge.
If sellers take Polygon to $1.70, it will be the initial candle close beneath the rising wedge since its emergence. Moreover, that will see MATIC standing on top of a substantial support level in the Ichimoku Kinko Hyo system – Senkou Span B. A Close around the Senkou Span B might entice bottom bears to join late, triggering buyers to trap bears. Nevertheless, that move has its associated risks.
If MATIC’s price drops to $1.70, it will necessitate a quick higher move. Polygon will remain near a point where Bearish Ichimoku Breakout can occur, forming one among the vital short gesture in the Ichimoku Kinko Hyo. Moreover, it would authorize a rising wedge break and accelerate further sell-offs.
Meanwhile, buyers should position the altcoin in a region where Chikou Span will remain in “open space” to cancel any short-term bearish move. Unfortunately, that might only happen at $2.43. If Polygon records a daily candlestick close at $2.43, MATIC will rise towards new highs.
Feel free to share your views on the reply area below.
Editorial credit: FellowNeko / shutterstock.com
