Polygon [MATIC] drops to ascending trendline: Can bulls prevail?

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion MATIC has cleared over three-quarters of the gains made from the mid-February rally. A bullish divergence between open interest rates and price action could offer bulls hope. Polygon [MATIC] has given up over three-quarters […]

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionA bullish divergence between open interest rates and price action could offer bulls hope.has given up over three-quarters of its gains from the mid-February rally. It faced a critical test as it dropped to its multi-week ascending trendline. While the recent price rejection at $1.

The Relative Strength Index was below 50, indicating a bearish structure. If it crosses below the ascending line, the momentum could also shift to bearish. Furthermore, the Chaikin Money Flow has headed south and crossed below the zero line, reinforcing the bears’ leverage in the market. As a result, bears may continue to devalue MATIC below the ascending trendline. Short-sellers could benefit from additional shorting opportunities at the 100-period exponential moving average of $1.1796. The 200-period EMA of $1.0640 could check an extended drop.

Alternatively, long-term bulls may aim for $1.3534 or the overhead resistance zone above $1.5, but this move can only be made if the ascending line stops the plunge.

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