Polygon, Fantom Poised for Significant Price Action

Key Takeaways

  • MATIC has risen greater than 13% over the weekend.
  • In the meantime, FTM has retraced roughly 4.4%. 
  • Each tokens look to proceed trending in the wrong way. 

Share this text

Polygon’s MATIC and Fantom’s FTM have proven a adverse correlation coefficient over the weekend. The previous seems to be sure for increased highs, whereas the latter may very well be about to enter a steep correction.

Polygon and Fantom Prepared for Volatility

Volatility has struck the cryptocurrency market, and altcoins like MATIC and FTM look poised for important value motion.

MATIC has loved spectacular bullish momentum, surging practically 13% for the reason that begin of Saturday’s buying and selling session. The upswing allowed it to interrupt out of an ascending triangle that developed in its four-hour chart in late July. Additional shopping for strain might assist Polygon enter a 27% uptrend towards $1.25 primarily based on the peak of the sample’s Y-axis.

Nonetheless, the Tom DeMark (TD) Sequential indicator offered a promote sign inside the identical timeframe. The bearish formation developed as a inexperienced 9 candlestick, indicative of a one- to four-candlestick correction. A spike in profit-taking might end in a downswing to $0.98 or $0.95 earlier than the continuation of the uptrend.

Polygon US dollar price chart
MATIC/USD four-hour chart. (Supply: TradingView)

In contrast to MATIC, Fantom has undergone a 4.4% correction for the reason that begin of Saturday’s buying and selling session. The downswing was attributable to a rejection from the higher trendline of an ascending wedge growing on FTM’s four-hour chart. This consolidation sample prevails that if costs shut under the decrease trendline at $0.38, a 17.5% downswing to $0.32 turns into imminent.

Fantom US dollar price chart
FTM/USD four-hour chart. (Supply: TradingView)

It’s value noting that Fantom must shut decisively above $0.42 to invalidate the pessimistic outlook. Slicing by way of this resistance barrier may very well be seen as an indication of energy that encourages sidelined merchants to re-open lengthy positions, triggering a breakout to $0.49 and even $0.53.

Disclosure: On the time of writing, the creator of this piece owned BTC and ETH.

For extra key market traits, subscribe to our YouTube channel and get weekly updates from our lead bitcoin analyst Nathan Batchelor.


Share this text

Leave a Comment

Your email address will not be published.