Polygon, Fantom Poised for Significant Price Action

Key Takeaways

  • MATIC has risen greater than 13% over the weekend.
  • Meanwhile, FTM has retraced roughly 4.4%. 
  • Both tokens look to proceed trending in the other way. 

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Polygon’s MATIC and Fantom’s FTM have proven a damaging correlation coefficient over the weekend. The former seems to be certain for greater highs, whereas the latter might be about to enter a steep correction.

Polygon and Fantom Ready for Volatility

Volatility has struck the cryptocurrency market, and altcoins like MATIC and FTM look poised for important value motion.

MATIC has loved spectacular bullish momentum, surging almost 13% because the begin of Saturday’s buying and selling session. The upswing allowed it to interrupt out of an ascending triangle that developed in its four-hour chart in late July. Further shopping for stress might assist Polygon enter a 27% uptrend towards $1.25 based mostly on the peak of the sample’s Y-axis.

Still, the Tom DeMark (TD) Sequential indicator introduced a promote sign inside the similar timeframe. The bearish formation developed as a inexperienced 9 candlestick, indicative of a one- to four-candlestick correction. A spike in profit-taking might end in a downswing to $0.98 or $0.95 earlier than the continuation of the uptrend.

MATIC/USD four-hour chart. (Source: TradingView)

Unlike MATIC, Fantom has undergone a 4.4% correction because the begin of Saturday’s buying and selling session. The downswing was attributable to a rejection from the higher trendline of an ascending wedge creating on FTM’s four-hour chart. This consolidation sample prevails that if costs shut under the decrease trendline at $0.38, a 17.5% downswing to $0.32 turns into imminent.

Fantom US dollar price chart
FTM/USD four-hour chart. (Source: TradingView)

It is value noting that Fantom must shut decisively above $0.42 to invalidate the pessimistic outlook. Slicing via this resistance barrier might be seen as an indication of power that encourages sidelined merchants to re-open lengthy positions, triggering a breakout to $0.49 and even $0.53.

Disclosure: At the time of writing, the creator of this piece owned BTC and ETH.

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