Polygon, Fantom Poised for Significant Price Action


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 wrong way. 

Polygon, Fantom Poised For Significant Price Action

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Polygon, Fantom Poised For Significant Price Action

Polygon’s MATIC and Fantom’s FTM have proven a detrimental correlation coefficient over the weekend. The previous seems to be certain for larger highs, whereas the latter may very well be about to enter a steep correction.

Polygon, Fantom Poised For Significant Price Action

Polygon and Fantom Prepared for

has struck the cryptocurrency market, and altcoins like MATIC and FTM look poised for important worth motion.

Polygon, Fantom Poised For Significant Price Action

MATIC has loved spectacular bullish momentum, surging almost 13% for the reason that 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 strain may assist Polygon enter a 27% uptrend towards $1.25 primarily based on the peak of the sample’s Y-axis.

Polygon, Fantom Poised For Significant Price Action

Nonetheless, the Tom DeMark (TD) Sequential indicator offered a promote sign inside the identical time-frame. The bearish formation developed as a inexperienced 9 candlestick, indicative of a one- to four-candlestick correction. A spike in profit-taking may end in a downswing to $0.98 or $0.95 earlier than the continuation of the uptrend.

Polygon, Fantom Poised For Significant Price Action

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

Not like MATIC, Fantom has undergone a 4.4% correction for the reason that begin of Saturday’s buying and selling session. The downswing was brought on by a rejection from the higher trendline of an ascending wedge growing 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.

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

It’s value noting that Fantom must shut decisively above $0.42 to invalidate the pessimistic outlook. Slicing via this resistance barrier may very well be seen as an indication of energy 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 creator of this piece owned BTC and ETH.

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