Polygon analysis – correction continues. Which support will find the bottom price?
1 min readPolygon, like the rest of the market, is also located in correction structure. The last bounce was quite decent, but it doesn’t change the fact that the structure is intact. The price is still reaching declining lows and highs. So let’s look at potential levels together support and resistance.
Although the market price is currently in short-term growth, we are miles away from the last maximum. If we want to think about trend reversal, the price must first create rising lows and then break the maximum between them. This situation is not yet on the market and so far the price does not even indicate it.
Polygon in correction. Source: TradingViewPolygon in correction
If we look at the supports, we did not keep the last one on the surface $ 1.48. Another is on the surface $ 1.17. However, support does not guarantee bounce, it can also occur outside of support. Basically, the whole market is more or less waiting for what it will do BTC and where he moves. The minimum will therefore be reached where it is also reached by BTC.
In the long run, it is MATIC bullish, but reached a double peak at the ATH level. The current situation suggests that the price will take a long time to return to this level. Interest in MATIC trading is still significant, although volumes do not match those of May 2021.
