Key Takeaways
- MATIC has risen greater than 13% over the weekend.
- In the meantime, FTM has retraced roughly 4.4%.
- Each tokens look to proceed trending in the other way.
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Polygon’s MATIC and Fantom’s FTM have proven a unfavourable correlation coefficient over the weekend. The previous seems to be certain for larger highs, whereas the latter could possibly be about to enter a steep correction.
Polygon and Fantom Prepared for Volatility
Volatility has struck the cryptocurrency market, and altcoins like MATIC and FTM look poised for vital worth motion.
MATIC has loved spectacular bullish momentum, surging almost 13% for the reason that 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. Additional shopping for stress might assist Polygon enter a 27% uptrend towards $1.25 based mostly on the peak of the sample’s Y-axis.
Nonetheless, the Tom DeMark (TD) Sequential indicator introduced a promote sign inside the identical time-frame. 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.
Not like MATIC, Fantom has undergone a 4.4% correction for the reason that begin of Saturday’s buying and selling session. The downswing was brought on by 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.
It’s price noting that Fantom must shut decisively above $0.42 to invalidate the pessimistic outlook. Slicing by way of this resistance barrier could possibly be seen as an indication of energy that encourages sidelined merchants to re-open lengthy positions, triggering a breakout to $0.49 and even $0.53.
Disclosure: On the time of writing, the creator of this piece owned BTC and ETH.
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