Parallel

Polygon

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/analyst-predicts-matic-price-increase-if-it-breaks-parallel-channel/" data-wpel-link="internal">Analyst Predicts MATIC Price Increase If It Breaks Parallel Channel</a><br></p>
<p style="text-align: justify">Popular <a href="https://en.coin-turk.com/insights-on-altcoin-trends-bnb-sol-and-xrp-price-predictions/" data-wpel-link="internal">crypto analyst</a> Ali Martinez stated on X that he expects a 17% price increase for Polygon (MATIC) if it breaks above its parallel channel. Evaluating the Layer2 token’s movements on a 4-hour chart, Ali Martinez found that its price has been consolidating within a range forming a parallel channel pattern since early April.</p> 
<h2 id="trend-line-in-matic">Trend Line in MATIC</h2> 
<p style="text-align: justify">The specified model forms when a token’s price movement is confined between two trend lines, indicating a consolidation period. At the time of writing, MATIC is trading at $0.72 and is heading towards the upper line of the parallel channel. A token’s rise towards the upper trend line of a parallel channel is interpreted as an attempt to test resistance.</p> 
<p style="text-align: justify">If this position cannot be maintained and a breakout occurs, the asset in question may record new price increases. However, it was found that MATIC’s rise above this resistance level could be challenging in the short term. This is because the token’s price is trading significantly close to the 20-day exponential moving average (EMA).</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-354570 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/05/analist-1.jpg" alt="" width="1052" height="597"></p> 
<h2 id="price-analysis-in-altcoin">Price Analysis in Altcoin</h2> 
<p style="text-align: justify">A token’s price fluctuating around this moving average may indicate indecision in the <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">market</a>, where neither buyers nor sellers dominate. For a breakout above the resistance to occur, an increase in buying pressure may be necessary. In this case, it allows bulls to clearly take control of the market.</p> 
<p style="text-align: justify">However, with MATIC’s MACD line falling below the signal line, bear strength may be increasing. When a token’s MACD line tries to fall below the signal line, it is usually interpreted as a bearish signal. This situation may indicate that the upward momentum is weakening and a transition towards a downtrend is occurring. Consequently, analyst Ali Martinez expects a 17% increase if MATIC breaks above the parallel channel, but its proximity to the 20-day EMA and the MACD indicator pose a downside risk.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/analyst-predicts-matic-price-increase-if-it-breaks-parallel-channel/" data-wpel-link="internal">Analyst Predicts MATIC Price Increase If It Breaks Parallel Channel</a></h5>

Analyst Predicts MATIC Price Increase If It Breaks Parallel Channel

목차

COINTURK NEWS

2024년 5월 22일에 게재된 다른 기사

BlockDAG Shatters Records: $30M Presale After Explosive Keynote Launch in Shibuya Blows Away Reti...

Cryptocurrency Journalist Eleanor Terrett Reveals She Heard Something New About Ethereum Spot ETFs

Investors Await SEC Decision on Spot Ethereum ETF

Bitcoin ETF Trading Volume Hits New Milestone; Discover Why These Top Altcoins Will Surge With BT...

Canaan Gets Left Behind In Latest Crypto Bull Run

Bernstein: Spot Ethereum ETF Approval Anticipated Could Drive Price Surge To $6,600

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!