Polygon and Fantom look like gaining traction for predominant label motion.
Key Takeaways
- MATIC has risen bigger than 13% over the weekend.
- Meanwhile, FTM has retraced roughly 4.4%.
- Both tokens mediate about to continue trending in the opposite course.
Polygon’s MATIC and Fantom’s FTM absorb shown a detrimental correlation coefficient over the weekend. The ragged looks to be certain for higher highs, whereas the latter would possibly possibly well per chance be about to enter a steep correction.
Polygon and Fantom Ready for Volatility
Volatility has struck the cryptocurrency market, and altcoins love MATIC and FTM mediate about poised for predominant label motion.
MATIC has enjoyed spectacular bullish momentum, surging near to 13% for the explanation that start of Saturday’s trading session. The upswing allowed it to speed of an ascending triangle that developed in its four-hour chart in unhurried July. Extra shopping rigidity would possibly possibly well per chance abet Polygon enter a 27% uptrend toward $1.25 consistent with the tip of the pattern’s Y-axis.
Soundless, the Tom DeMark (TD) Sequential indicator presented a sell trace throughout the identical timeframe. The bearish formation developed as a inexperienced nine candlestick, indicative of a one- to four-candlestick correction. A spike in revenue-taking would possibly possibly well per chance result in a downswing to $0.98 or $0.95 before the continuation of the uptrend.
No longer like MATIC, Fantom has undergone a 4.4% correction for the explanation that start of Saturday’s trading session. The downswing develop to be precipitated by a rejection from the higher trendline of an ascending wedge developing on FTM’s four-hour chart. This consolidation pattern prevails that if prices shut below the lower trendline at $0.38, a 17.5% downswing to $0.32 becomes forthcoming.
It is price noting that Fantom would absorb to shut decisively above $0.42 to invalidate the pessimistic outlook. Slicing by this resistance barrier would possibly possibly well per chance be seen as a trace of power that encourages sidelined traders to re-start prolonged positions, triggering a breakout to $0.49 and even $0.53.
Disclosure: At the time of writing, the creator of this fragment owned BTC and ETH.
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