MATIC suffers Bitcoin woes, uptrend remains intact with new all-time highs through next week

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The price of the polygon was caught in the fallout from the Bitcoin flash crash. The action of MATIC courses has remained very reactive on the technical level. The flash crash helped the RSI return to neutrality, giving bulls a chance to prepare for new all-time highs at $ 3.0.

Polygon (MATIC) price fell on Friday as bulls were rejected from further upside potential with a $ 2.48 rebound and knee-jerk reaction on Saturday with Bitcoin’s knife crash spilling onto others cryptocurrencies. But the bulls are on the cusp and see their chance to buy into the price action and prepare for a new all-time high at $ 3.0. The technical levels will be critical to monitor and respect to reach this level.

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The polygon price worried the bulls last week as the RSI (Relative Strength Index) has already touched the overbought zone and worried investors about further upside potential as buy-side activity overheats. And for good reason, the price inverted aggressively with a rejection at $ 2.48 and the monthly resistance level R2. On Saturday, the pullback amplified as Bitcoin was the catalyst that sparked a global sell-off in the crypto asset class. But the technical level already marked since June 17, stopped the sale and served as an entry for the bulls to catch up with the discount.

MATIC has behaved a little more logically since Sunday night and Monday as price action seeks a stable level to restart its uptrend as the 55-day Simple Moving Average (SMA) at 1.75 offers support. The real backbone of the uptrend, the 200-day SMA at $ 1.40, never risked breaking, not even during the turmoil on Saturday morning. Now expect a quick turnaround as global markets return to risk, which could act as a tailwind in MATIC price action and pull prices back towards $ 2.48 by the end of this week. .

MATIC / USD daily chart

Expect the bulls to face some resistance at $ 2.48 with the current monthly R2 resistance, and the technical level will trigger some profit taking among the bulls and investors. As long as global markets hold the risk, expect further upside and possibly new all-time highs at $ 3.0 by the end of next week. If that risk on the element wears off or turns into risk in global markets, expect more pressure to come on cryptocurrencies and push Polygon price action towards the 200 SMA. days at $ 1.40 in an attempt to break the uptrend.

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