Fantom and Polygon are bullish: Market Analysis

Overview

  • Fantom is a fast, high-throughput open-source smart contract platform for digital assets and dApps.
  • Polygon is a protocol and a framework for building and connecting Ethereum-compatible blockchain networks.

Here’s the market analysis of Fantom and Polygon MATIC on 11th January, 2022. Both Fantom and Polygon are highly bullish on the daily chart; a detailed analysis has been done below.

Fantom

Currently trading at $2.4080, Fantom is up by 8.28%. It started the day at $2.1893 levels. The coin tested the first support at $2.3396 level. The early intraday high was seen at $2.3962 levels. Fantom has been extremely bullish, the coin is seen making higher highs on the daily chart. It broke the first major resistance at $2.3724 levels. Testing the support level consequently, the coin made a bearish reversal and reached the intraday high of $2.3968 levels. On the hourly chart, Ultra is consolidating in a bearish flag pattern, in an event of dominance from the buyer’s side the coin is likely to make a bullish reversal.

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Market indicators

Hourly RSI: The hourly RSI is at 65 levels, indicating major price strength in the short run. The coin is slightly in the oversold region.

Fibonacci Retracement levels:

23.6%: $2.3233, 38.2%: $2.4576, 61.6%: $2.6747

Major support level: $2.3345

Major resistance level: $2.5661

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Conclusion

On the upside the prices may soon move above $2.8292 level, further rally upwards will lead to the first major resistance level at $ 2.8753 level to come in force. On the downside, a fall back below the level of 23.6% FIB level will test the first support level at $2.1062 level.

Polygon

Polygon MATIC is currently trading at $2.229 levels, up by 7.44%. Here’s the market structure of Polygon:

Polymath started the day at $2.053 levels. The market structure of Polymath currently is extremely bullish. Looking at the current momentum, Polygon’s strong buy zone ranges between $2.048 and $2.147 levels, contrary to its sell range between $2.175 and $2.261 levels. On the daily chart, the coin initially consolidated in a bullish flag pattern. It tested the first major support at $2.192 levels and the second support at $2.204 levels. The coin tested the first resistance at $2.188 levels. The intraday high of the coin was seen at $2.261 levels. In the smaller time frame, the coin is seen making a bullish reversal. It’s consolidating in a bearish flag pattern and is likely to break on the downside.

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Market Indicators

Hourly RSI: The hourly RSI is currently moving towards 30 levels, showing major price weakness for short term. However, this is more likely to go down owing to pressure from buyer’s side.

Fibonacci Retracement levels:

23.6%: $1.994, 38.2%: $2.053, 61.6%: $2.147

Major support level: $2.147

Major resistance level: $2.300

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Conclusion

The first major resistance level sits at 78.6% FIB level, barring an extended crypto rally. If broad based crypto rally comes in play, the second major resistance level will be at $2.300 level. A fallback through $2.128 level will bring the major support level at $2.047.

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