Polygon (MATIC) Trade Ideas – MATIC Price Prediction, Technical Analysis And Charts

Polygon (MATIC)Above: Polygon (MATICUSD) MATIC is presently in a naturally bearish position as the close remains below the Cloud and the Chikou Span remains below the candlesticks. However, given the current volatility of the broader cryptocurrency market and Bitcoin’s reclamation of the $55k value area, it’s a toss-up as to whether Polygon is bullish or bearish. Its current position could put MATIC into a bullish breakout or a bearish continuation without much effort on either side of the trade.For the long side of the market, bulls need to push MATIC to at least $1.48 and close at or above that level – that would put the close and the Chikou Span above the Cloud, with the Chikou Span also above the candlesticks. From that entry, the road to $3.00 would be on the table.On the short side of the market, a daily close below $1.04 would position the Chikou Span below the Cloud and create a close below the prior support zone at $1.05. Thus, the target zone for short traders would likely be a return to the $0.60 zone.While momentum would favor the long side of the market, the oscillators on the daily chart show some continued weakness is very likely. The Relative Strength Index is currently in bear market territory and has struggled to move above the first overbought condition at 55 – it has been rejected three times over the past five days. Additionally, there is a substantial hidden bearish divergence between the candlestick chart and the Composite Index. The Composite Index is also coming off of historical highs, signaling weakness in the current price action.If buyers want to negate any of the current bearish continuation warnings flashing, then a couple of scenarios must play out. First – any close below the Kijun-Sen and Tenkan-Sen will likely trigger some strong selling. If MATIC remains directionless and continues to consolidate, then October 11th is a date where an explosive move higher may occur. October 5th is the date of the Kumo Twist and where the Cloud is the thinnest, representing little resistance if MATIC moves above it. The second scenario must playout for the bulls to have a clear and robust double-digit percentage spike higher that can sustain a move to $1.48 throughout the entire trade session and then close at or above $1.48.