Markets

Polygon, Fantom Poised for Vital Worth Motion

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’s MATIC and Fantom’s FTM have proven a unfavorable correlation coefficient over the weekend. The previous seems to be certain for greater highs, whereas the latter could possibly be about to enter a steep correction.

Polygon and Fantom Prepared for Volatility

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

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

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

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

Not like MATIC, Fantom has undergone a 4.4% correction because the begin of Saturday’s buying and selling session. The downswing was attributable to 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.

Fantom US dollar price chart
FTM/USD four-hour chart. (Supply: TradingView)

It’s price noting that Fantom must shut decisively above $0.42 to invalidate the pessimistic outlook. Slicing by way of this resistance barrier could possibly be seen as an indication of power 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 writer of this piece owned BTC and ETH.

For extra key market tendencies, subscribe to our YouTube channel and get weekly updates from our lead bitcoin analyst Nathan Batchelor.

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