Cryptocurrency price

Polygon (MATIC) Multiple Time Analysis Ichimoku Kinko Hyo

– MATIC’s 3-week chart shows why congestion and consolidation may continue for some time.

– Massive resistance clusters on the weekly chart show how difficult it is for MATIC to rise.

– The daily chart shows a bearish continuation, but it clashes with higher time frame oscillators.

Polygon (MATICUSD) Ichimoku Kinko Hyo 3 Week Chart

Above: Polygon (MATICUSD)

Not much to look at here with the 3 week chart. Note that the Tenkan-Sen and the Kijun-Sen have created the range in which MATIC has been bound since the start of 2022. This chart does not provide a good indication of a breakout or bias.

Polygon (MATICUSD) Ichimoku Kinko Hyo Weekly Chart

Above: Polygon (MATICUSD)

MATIC’s weekly chart shows the most vital support level: Senkou Span B. Senkou Span B is the most important support and resistance level in the Ichimoku system. The strength of this support and resistance is exacerbated by its flatness and length. In the case of Polygon’s weekly Senkou Span B, the flatness and length are considerable. Therefore, $1.45 should be the direct support for MATIC.

bannerMATIC has two main resistance levels on the weekly chart. The first is at $2.00, containing the 61.8% Fibonacci expansion and the weekly Kijun-Sen. Above it is $2.15, which contains the 50% Fibonacci retracement, the 50% Fibonacci expansion, and the weekly Tenkan-Sen.

It should be noted that there is a substantial gap between the bodies of the weekly candlesticks and the Tenkan-Sen. However, the gaps between these two levels often do not last long, which increases the likelihood of a violent and rapid average return to the top.

Polygon (MATICUSD) Daily Chart Ichimoku Kinko Hyo

Above: Polygon (MATICUSD)

There is a possible bearish flag formation on the daily chart, warning of a bearish continuation move. However, neither the daily nor weekly oscillators support a continuation of the southward move.

To convert into a clear uptrend, bulls will need to push MATIC to a close above the Ichimoku cloud. A close at $2.17 or higher would meet all the necessary conditions for an ideal bullish breakout of Ichimoku. When this target is reached, MATIC will have an easy path not only to previous all-time highs, but also to the critical $5 value zone.

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