Potential Reversal Signal for Polygon’s MATIC

POLYGON MATIC

Analyst Ali Martinez suggests a potential rebound for MATIC, citing the TD Sequential indicator’s buying opportunity. The current support levels indicate the possibility of a price surge or reversal.

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Cryptocurrency analyst Ali Martinez believes that Polygon’s (MATIC) recent 21.57% price drop over the last week might be nearing its conclusion. Martinez, speaking through platform X, noted that the Tom DeMark (TD) Sequential indicator has issued a buy signal for MATIC.



Potential Reversal Signal for MATIC Detected by TD Sequential Indicator

The TD Sequential indicator, a technical tool used to spot trend exhaustion in cryptocurrency price movements, has recently garnered attention. This indicator suggests that Polygon’s (MATIC) price may bounce back from the $0.92 support level, signaling a potential reversal of the recent downtrend.

At the time of writing, MATIC is priced at $0.95, indicating a 3.20% increase in the last hour, supporting the idea of a bounce from this level. However, it’s essential to consider other indicators alongside this signal for a comprehensive analysis.

Liquidation heat maps in cryptocurrency trading can provide valuable insights into potential price movements. By identifying areas with high liquidity and concentrations of potential liquidation levels, investors can anticipate price trends. Currently, the liquidation heat map indicates a liquidity cluster around $1.18 for MATIC. This suggests that MATIC’s price may gravitate towards this region in the near future.

However, resistance is expected around the same price level. If bulls successfully breach this resistance, the next target could be around $1.30. Conversely, rejection at $1.18 could push the price below $1.

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Analysis of MATIC Funding Rate and Price Movement

MATIC’s funding rate currently stands at 0.015%, representing the cost associated with holding an open perpetual position. A negative funding rate implies that short positions are compensating long positions to maintain their positions, whereas a positive rate indicates the opposite scenario.

Despite Polygon’s attempt to climb in price, there has been a decline in funding. This decline suggests that spot traders have been actively purchasing from lower price levels. As a result, experts anticipate that the token’s value may surge to $1.18 in the coming days.


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

 

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  • SHBAZ

    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

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