Fantom, Polygon Poised for Substantial Price Action
  • MATIC gained over 13% during the weekend.
  • Meanwhile, Fantom has retraced approximately 4.4%.
  • The alts seem to progress in opposite directions.

Fantom and Polygon seem to gain traction for considerable price movements.

Fantom’s FTM and Polygon’s MATIC have revealed negative correlations during the weekend. The latter seems primed for uptrends, whereas the former could be ready to dip into a massive correction. Let us find out more.

MATIC and FTM Ready for Volatility

Volatility has stormed the crypto marketplace, and alternative tokens such as FTM and MATIC appear primed for substantial price action. Polygon has ridden attractive bullish strength, gaining approximately 13% since Saturday’s session. The upward move saw it breaking out of a climbing triangle that formed around its 4hr price chart late in July. More buying momentum might help MATIC welcome a 27% surge to $1.25. The rally’s stretch will depend on the length of the setup’s y-axis.

Still, the TD (Tom DeMark) Sequential indicator revealed a sell sign at that timeframe. The bearish pattern emerged as a green nine candle, indicating a 1-4 candle correction. A surge in profit-booking might lead to a downtrend towards $0.98 before upside continuation.

Unlike MATIC, Fantom has seen a 4.4% retracement since Saturday. The downswing followed a rejection from an ascending wedge’s upper trend-line on the 4hr chart. The consolidation setup indicated that price closing beneath the $0.38 lower trend-line would trigger a 17.5% slump towards $0.32.

It’s noteworthy that FTM should close beyond $0.42 to cancel the pessimistic narrative. Overcoming this resistance level might translate to strength, encouraging sidelined investors to re-execute long positions, catalyzing breakouts to $0.49 or $0.53.

Meanwhile, the broad cryptocurrency market printed bullishness during this publication. Bitcoin has steadied beyond $24.5K as it targets $25K. While publishing this blog, the global cryptocurrency market capitalization stood at $1.19 trillion, gaining a slight 0.79% over the past day.

It remains interesting to watch MATIC and FTM’s performance under the prevailing market conditions. Will the opposite correlation extend? The upcoming price tendencies will reveal everything.

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