Ethereum

DeFi

Resistance

April

Polygon

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/polygon-struggles-with-key-resistance-levels" data-wpel-link="internal">Polygon Struggles with Key Resistance Levels</a><br></p>
<p style="text-align: justify">In the past two months, Polygon’s <a href="https://finance.coin-turk.com/" rel="nofollow noopener" target="_blank" data-wpel-link="exclude">price</a> has consistently remained below the 100-day Exponential Moving Average (EMA), as illustrated by the blue line. This pattern underscores a bearish trend. The most recent significant effort to surpass the 100-day EMA took place on April 9th, but intense selling pressure thwarted this attempt, reinforcing the current bearish outlook.</p> 
<h2 id="key-observations-for-matic">Key Observations for MATIC</h2> 
<p style="text-align: justify">The Ichimoku Baseline, denoted by the red line, serves as a crucial support level. Although the price has approached this baseline multiple times, it has managed to stay above it, signifying solid buying interest at these levels.</p> 
<p style="text-align: justify">Trading within the Ichimoku Cloud indicates heightened volatility for Polygon. The lower boundary of the cloud acts as a robust support level. A breakout within the cloud is anticipated to further amplify this volatility, and the 0.618 Fibonacci retracement level within the cloud stands as a pivotal resistance point.</p> 
<p style="text-align: justify">A breakout above the 0.618 Fibonacci level could potentially propel the price higher, targeting the upper boundary of the cloud and possibly reaching the 100-day EMA and the 0.5 Fibonacci retracement line in the $0.78 to $0.80 range. Despite a bearish trend, the recent entry into the Ichimoku Cloud indicates potential for increased volatility and upward movement.</p> 
<h2 id="what-s-happening-on-the-polygon-front">What’s Happening on the Polygon Front?</h2> 
<p style="text-align: justify">A smart contract, a self-executing contract with terms written directly into code, operates on blockchain networks such as Ethereum and Polygon. When contract conditions are met, it automatically executes. The purple line reflects the percentage of total <a href="https://en.bitcoinhaber.net/matic-surges-toward-market-revival" data-wpel-link="internal">MATIC</a> tokens locked in smart contracts, comprising DeFi <a href="https://newslinker.co/category/mobile/" target="_blank" rel="noopener nofollow" data-wpel-link="exclude">applications</a>, staking, and other blockchain services.</p> 
<p style="text-align: justify">During the observed period, the percentage of MATIC in smart contracts showed noteworthy trends. Initially, there was a decline, followed by steady growth. Around mid-April, there was a marked increase in the percentage, highlighting a rise in smart contract activities on the Polygon network.</p> 
<h2 id="implications-for-investors">Implications for Investors</h2> 
<p style="text-align: justify"> – Monitor the 0.618 Fibonacci level for potential breakouts.<br> – Watch for price action around the Ichimoku Cloud’s lower boundary.<br> – Significant selling pressure around the 100-day EMA could indicate a continued bearish trend.<br> – Growth in smart contract activity could signal increased utility and demand for MATIC. </p> 
<p style="text-align: justify">As a result, Polygon’s price dynamics indicate both challenges and opportunities. Traders should stay vigilant, focusing on key resistance levels and the volatility within the Ichimoku Cloud to make informed decisions.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/polygon-struggles-with-key-resistance-levels" data-wpel-link="internal">Polygon Struggles with Key Resistance Levels</a></h5>

Polygon Struggles with Key Resistance Levels

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