In isolation, Polygon’s prospects look constructive. However, my concerns are regarding the market as a whole. Bitcoin’s price action is sluggish and is likely to remain that way for the foreseeable future. Furthermore, due to the FOMC’s hawkish taper timeline, broader macro conditions are breaking down.
Subsequently, the tailwind for crypto prices is dropping off. Furthermore, trading conditions are likely volatile and illiquid over the festive period. Therefore, Polygon could experience wild swings in price over the next two weeks. That’s why, in my opinion, closing or reducing profitable trades into year-end is often a sage move.
If the market turns lower, a logical destination for the MATIC price is the 200-DAY Moving Average at $1.443, around 40% below the current price. Looking at BTC and Ethereum today, the chances of Polygon testing $1.443 in the next week or so is high. Furthermore, a broader market risk-off could extend MATIC towards $1.000
Of course, cryptos often defy logic, and on that basis, Polygon could continue higher even if the market turns. Subsequently, a close above $2.500 invalidates my bearish view.
Hello, community, please if you like my ideas do not forget to support them with your likes and comment, and you can also get in touch for daily signals and alerts.
Subsequently, the tailwind for crypto prices is dropping off. Furthermore, trading conditions are likely volatile and illiquid over the festive period. Therefore, Polygon could experience wild swings in price over the next two weeks. That’s why, in my opinion, closing or reducing profitable trades into year-end is often a sage move.
If the market turns lower, a logical destination for the MATIC price is the 200-DAY Moving Average at $1.443, around 40% below the current price. Looking at BTC and Ethereum today, the chances of Polygon testing $1.443 in the next week or so is high. Furthermore, a broader market risk-off could extend MATIC towards $1.000
Of course, cryptos often defy logic, and on that basis, Polygon could continue higher even if the market turns. Subsequently, a close above $2.500 invalidates my bearish view.
Hello, community, please if you like my ideas do not forget to support them with your likes and comment, and you can also get in touch for daily signals and alerts.
