๐ Daily TA: Polygon (MATIC/USD) | 12-01-2022
Hodl, dear members of Leofinance!
Today, I would like to analyze the price chart of Polygon - a cryptocurrency which price has been performing really well recently.
So, in the monthly time frame (MN), after the solid bullish candlestick for December, MATIC/USD is trying to form a Hammer candlestick in January: It is a candlestick that usually occurs at the bottom of a correction. A similar hammer formed last summer at the bottom of the previous deep correction. Of course, I would like to underline that the current monthly candlestick may change, till the end of the month there is enough time.
In the weekly time frame (1W), MATIC/USD is trying to form a bullish candlestick after the previous two bearish ones: I would like to highlight that the current weekly local low has not fallen below the previous one, the two local lows are at the same level. This is a signal that the bulls are fiercely supporting the price at the current levels.
The daily chart (1D) starts to bring positivity as well. MATIC/USD has rebounded from the 90-day Moving Average (MA 90) and has returned to the 30-day Moving Average (MA 30): So, the bullish distribution of the three key MAs remains in place. MA 30 is at the top, MA 90 is in the middle, and MA 360 is at the bottom.
In the 4-hour chart (4H), the price of MATIC continues its upward journey within the Ascending channel (uptrend): In other words, the uptrend continues.
To sum up, I would like to say that the price chart of MATIC/USD looks solid in most major time frames. The uptrend clearly remains in place. But, we have to keep in mind that among the cryptocurrencies there is a high correlation. That's why we have to keep an eye on the broader market sentiment as well.
To be continued ...
As of the time of writing, one MATIC costs $2,38 on the Binance exchange, according to TradingView.
A few words about me:
Just to let you know: I've been working professionally as a currency analyst for the last 15 and a half years and as a cryptocurrency analyst for the last 4 and a half years.
Important!
Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.
Posted Using LeoFinance Beta
