Market Structure of Polygon and VeChain

Overview:

  • Polygon combines the best of Ethereum and sovereign blockchains into a full-fledged multi-chain system. Polygon solves pain points associated with Blockchains, like high gas fees and slow speeds, without sacrificing on security.
  • VeChain is a public blockchain that is designed for mass adoption of blockchain technology by business users of all sizes. It is intended to serve as the foundation for a sustainable and scalable business blockchain ecosystem. 

Here’s the market structure of Polygon and VeChain.

Polygon

Currently trading at $1.720, Polygon MATIC is up by 0.29%. MATIC started the day at $1.728 levels, before making any move. Reached the intraday high $1.743 level, early morning. On a daily chart, MATIC has been consolidating between $1,702 and $1.725 levels. Testing the first support level at $1.728 level, MATIC slid into a bearish trendline before hitting the next major support at $1.707 level.

On an hourly chart, the coin is rallying upwards nearing its supply zone which ranges between $1.728 and $1.745 levels. Thus, we can expect a bullish momentum in the coin in the nearing weeks.

Market Indicators

Hourly RSI: The hourly RSI is moving currently towards 55 levels, showing mild price weakness owing to buyer’s dominance and has a potential to move higher.

Fibonacci Retracement levels: 23.6%: $1.698, 38.2%: $1.735, 61.6%: $1.796

Major support level: $1.638

Major resistance level: $1.838

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Conclusion:

On the upside the prices may soon move above $1.780 levels with first major resistance level at $1.796 level, further rally upwards will lead to the second major resistance level at $1.838 level to come in force. On the downside, a fall back below the level of $1.704 level will test the first support level at $1.698, any further downtrend will lead to test second major support level at $1.638.

VeChain

VeChain is currently trading at $0.16161 level, is up by 1.63%. The market structure of VeChain is bullish owing to break of structure point on daily time frame. The coin is rallying upwards; however, it must run on this structure point in order to continue its bullish trajectory. The intraday high was seen at $0.16140, with strong sell range between $0.15877 and $0.16138. The intraday low was at $0.15486. On an hourly chart, VeChain rallied after testing major support level at $0.15499 level, showing a bullish breakout.

Market Indicators:

Hourly RSI: The hourly RSI is moving currently up towards 55 levels and is expected to move higher owing to price strength from seller’s side.

Fibonacci Retracement levels: 23.6%: $0.15970, 38.2%: $0.16496, 61.6%: $0.17345

Major support level: $0.15121

Major resistance level: $0.17949

https://in.tradingview.com/

Conclusion:

The first major resistance level sits at $0.16920 level, barring an extended crypto rally. If broad based crypto rally comes in play, the second major resistance level will be at $ 0.17345 level. A fall back through $0.15518 level will bring the major support level at $0.1512.

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