Crypto analyst Ali has just highlighted a bullish signal for Polygon (MATIC) on the weekly chart, suggesting potential price gains.
Using the TD Sequential indicator, Ali’s analysis points to a likely upswing for MATIC over the next one to four weeks. This development comes after a period of downward trends, making the buy signal a crucial watch point for investors.
Polygon (MATIC) Price Analysis
The TD Sequential indicator is a tool that predicts potential reversals in market trends. According to Ali’s analysis, the appearance of a green “9” on the MATIC chart marks the completion of a setup phase. This is a strong bullish signal, indicating a possible upward movement. The “buy” signal suggests MATIC could experience a one to four-week upswing, potentially reversing the recent downward trend.
The TD Sequential presents a buy signal on the $MATIC weekly chart, anticipating #Polygon will see a one to four weekly candlesticks upswing! pic.twitter.com/pW7PpcGHHy
— Ali (@ali_charts) May 27, 2024
Ali’s chart shows a series of candlestick patterns representing weekly trading activity. Recent weeks have seen a stabilization around the $0.7000 level, following a downward trend since late February 2024. Each candlestick offers insight into weekly price movements, with green candlesticks indicating bullish weeks and red candlesticks indicating bearish weeks.
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Key Support and Resistance Levels
Support and resistance levels are critical in understanding potential price movements. According to the analysis, the $0.6200 level has acted as a strong support in early May 2024, holding significant buying interest. Conversely, the $1.3000 level faced strong resistance in January 2024, leading to a sharp decline. These levels will be crucial in determining future price movements.
Market Implications
If the TD Sequential buy signal materializes, MATIC could see an upswing towards the next resistance level around $0.9000. This immediate target is based on previous resistance faced by the price.
However, if MATIC fails to break above the $0.9000 resistance level, it might face renewed selling pressure. Additionally, a breakdown below the $0.6200 support level could lead to further declines, potentially targeting lower levels around $0.5000.
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Show more +Show less – MATIC’s Price Forecast
The price might consolidate between $0.6200 and $0.9000 before making a decisive move. Consolidation phases often precede breakouts or breakdowns, making this a crucial period for investors to watch.
A breakout above $0.9000 would confirm the bullish trend and could lead to a retest of higher resistance levels, such as $1.1000 or even $1.3000. On the other hand, if the bearish momentum continues and the price breaks below the $0.6200 support, it could indicate further downside risk, targeting previous lows.
The TD Sequential buy signal highlighted by Ali (@ali_charts) presents a bullish opportunity for MATIC investors. The potential upswing over the next one to four weeks could see prices moving towards the $0.9000 resistance level.
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The post This Polygon Indicator Flashes “Buy” Signal for MATIC appeared first on CaptainAltcoin.
