Gauging MATIC’s ability to offer buying opportunities after its bull run
Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.
Since flipping one-eighty from its mid-August highs, Polygon [MATIC] bears gradually pulled the crypto toward its three-month support in the $0.72-$0.73 range.
The recent rebound from this support set the foundation for a bull run above the 20/50/200 EMA in the four-hour timeframe.
Here’s AMBCrypto’s Price Prediction for Polygon [MATIC] for 2023-24
The altcoin has now entered a relatively high volatility phase just above its EMAs. The sellers could seek to constrict the buying rally near the month-long trendline resistance (yellow, dashed) in the coming sessions.
At press time, MATIC was trading at $0.8104.
A bearish divergence and trendline resistances, a recipe for a reversal?
Source: TradingView, MATIC/USDT
After rebounding from the one-month trendline resistance barrier, the alt saw a death cross on its EMAs to depict a strong selling edge.
Nonetheless, the recent rebound from the $0.73 support induced a bullish engulfing candlestick that set the stage for morning star candlesticks.
Consequently, MATIC marked a solid double-digit growth from the $0.73-baseline over the past day. With the EMAs now looking north, buyers should look for plausible bullish crossovers.
Continued growth on the charts could slam into the barrier of the one-month and two-month (white, dashed) trendline resistances. In this case, the potential reversal could find rebounding grounds near the 50 EMA (cyan) or the 20 EMA (red).
An eventual close above the long-term trendline resistance can invalidate any bearish inclinations. The bulls must sustain the increased buying volumes to snap the $0.83 ceiling. In these
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