💥 $MATIC  Breakout Likely: Strong Technical and Fundamental Indicators - BeinCrypto Analytics

The EMA 100, represented by the blue line, is a significant resistance level.

Over the past two months, Polygon’s price has consistently traded below the EMA 100, depicted by the blue line. This sustained trading below the EMA 100 underscores a bearish trend. Notably, the last significant attempt to break above the EMA 100 occurred on April 9. However, this attempt was met with substantial selling pressure, further reinforcing the bearish sentiment.

The Ichimoku Baseline, illustrated by the red line, is a dynamic support level. The price has repeatedly approached but failed to sustain below this baseline, indicating consistent buying activity at these price levels.

The price has entered the Ichimoku Cloud. The lower boundary of the cloud, currently acting as support, appears to be a challenging level to break. The price’s entry into the cloud suggests an increase in volatility. A breakout within the cloud is expected to heighten this volatility further.

Additionally, the 0.618 Fibonacci retracement level within the cloud is a critical resistance point.

Polygon’s price has been testing this level, and a sustained breakout above the 0.618 Fibonacci level could propel it higher.

This breakout can push the price towards the upper boundary of the cloud and potentially higher resistance levels, such as the EMA 100 and the 0.5 Fibonacci retracement line, situated around the $0.78 to $0.80 range.

Despite the prevailing bearish trend indicated by the EMA 100 and the Ichimoku Baseline, the recent entry into the Ichimoku Cloud introduces the potential for increased volatility and possible bullish movements.