Polygon, Fantom Poised For Significant Price Action
Crypto Briefing | Aug 15, 2022 12:20AM ET
Polygon and Fantom appear to be gaining traction for significant price movement. Polygon’s MATIC and Fantom’s FTM have shown a negative correlation coefficient over the weekend. The former appears to be bound for higher highs, while the latter could be about to enter a steep correction. Volatility has struck the cryptocurrency market, and altcoins like MATIC and FTM look poised for significant price movement.
MATIC has enjoyed impressive bullish momentum, surging nearly 13% since the start of Saturday’s trading session. The upswing allowed it to break out of an ascending triangle that developed in its four-hour chart in late July. Further buying pressure could help Polygon enter a 27% uptrend toward $1.25 based on the height of the pattern’s Y-axis.
Still, the Tom DeMark (TD) Sequential indicator presented a sell signal within the same time frame. The bearish formation developed as a green nine candlestick, indicative of a one- to four-candlestick correction. A spike in profit-taking could result in a downswing to $0.98 or $0.95 before the continuation of the uptrend.
Unlike MATIC, Fantom has undergone a 4.4% correction since the start of Saturday’s trading session. The downswing was caused by a rejection from the upper trendline of an ascending wedge developing on FTM’s four-hour chart. This consolidation pattern prevails that if prices close below the lower trendline at $0.38, a 17.5% downswing to $0.32 becomes imminent.
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It is worth noting that Fantom would have to close decisively above $0.42 to invalidate the pessimistic outlook. Slicing through this resistance barrier could be seen as a sign of strength that encourages sidelined traders to re-open long positions, triggering a breakout to $0.49 or even $0.53.
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