Technical indicators show that Bulls' Hold is tightening in the MATIC market

Bullish control dominated the market today for Polygon (MATIC), adding to a strong trend for the day as the holiday spirit begins to take hold. Only a handful of negative spikes were visible on the MATIC price chart and they were enough to push prices down to $0.7876, where they eventually found support. However, at the time of writing, the bulls have successfully taken over and pushed the price of MATIC to $0.8012. 

 Maintaining such high highs, MATIC's market cap increased by 0.71% to $6,997,620,802 and its 24-hour trading volume increased by 36.99% to $129,231,526.

A linear movement of the upper (0.8039) and lower (0.7914) Bollinger Bands indicates that selling pressure meets buying pressure (stable market) and may lead to an increase in bullish pressure. This positive trend is expected to strengthen as the price moves closer to the ceiling, suggesting that the bulls will maintain control in the near term. 

 Bulls' hopes for a continued uptrend are dampened by the fact that the market is overbought (as the Stochastic RSI is at 82.14). When the Stochastic RSI enters overbought territory, it indicates that the current bull run has peaked and is fading. 

 If the MACD crosses the signal line, as it did now (-0.007), it indicates a bullish continuation pattern. While the recent movement of the MACD line into the negative zone should cause caution among traders, the current uptrend on the histogram suggests that this uptrend is likely to continue for the time being.

When both  Elder Force Index (EFI) and  Bull Bear Power (BBP) fall below zero, this indicates a transition from bull to bear control. The MATIC price chart shows that  EFI has crossed the "0" line at 2.934K and  the BBP indicator has also started to move up (currently at 0.0091). With these numbers in hand, it is clear that the bulls are still committed to riding  the current uptrend.

In short, it can be stated that bullishness awaits in the MATIC market if the bulls maintain the current  pressure. 

 Disclaimer: Views and opinions and all  information shared in this price analysis are published in good faith. Readers will need to do their own research and investigations carefully. All actions taken by the reader are entirely at the reader's own risk, and Coin Edition and its affiliates are not responsible for any direct or indirect damages or losses.

Source: coinedition

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