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 other way. 

Share this text

Polygon’s MATIC and Fantom’s FTM have proven a unfavourable correlation coefficient over the weekend. The previous seems to be certain for larger highs, whereas the latter could possibly 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 vital worth motion.

MATIC has loved spectacular bullish momentum, surging almost 13% because the 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 stress might assist Polygon enter a 27% uptrend towards $1.25 based mostly on the peak of the sample’s Y-axis.

Nonetheless, the Tom DeMark (TD) Sequential indicator offered a promote sign inside the similar time-frame. 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.

MATIC/USD four-hour chart. (Supply: TradingView)

Not like MATIC, Fantom has undergone a 4.4% correction because the begin of Saturday’s buying and selling session. The downswing was attributable to a rejection from the higher trendline of an ascending wedge creating on FTM’s four-hour chart. This consolidation sample prevails that if costs shut beneath 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 price noting that Fantom must shut decisively above $0.42 to invalidate the pessimistic outlook. Slicing via this resistance barrier could possibly be seen as an indication of power 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 writer 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.

https://www.youtube.com/watch?v=+lastest

Share this text

Share:

Leave a Reply

Your email address will not be published.

GIPHY App Key not set. Please check settings