Polygon’s Big Move: Buy, Hold, or Wait? Here’s the Setup!
Polygon ($MATIC ) exploded with a powerful green candle, rallying from around $0.146 to hit a high near $0.173 in the last 24 hours — driven by strong volume of over $500M! This breakout signals growing bullish momentum and renewed trader confidence.
📊 Technical Highlights:
RSI: Near 80 — in overbought territory, indicating strong buying pressure but watch for potential pullbacks.
MACD: Turned positive, confirming upward momentum.
Moving Averages: Price surged well above the 20-day and 50-day moving averages (~$0.114 and $0.120), aiming next to challenge the 200-day MA at ~$0.194.
Support & Resistance: Immediate support now forms at $0.155, while resistance looms at $0.19–$0.20 (200-day MA zone).
🔍 On-Chain & News Insight:
Network activity remains solid with steady daily active addresses, showing strong user engagement. Meanwhile, rumors of Polygon’s acquisition talks with Coinme and rollout of its Open Money Stack are stirring bullish sentiment.
⚡ Trading Strategy:
Consider buying near $0.155–$0.16 support for a lower-risk entry.
Alternatively, watch for a clear breakout above $0.19 for a momentum-driven trade.
Keep stop-loss orders in place below $0.15 to manage risk.
Monitor volume and RSI for signs of trend continuation or exhaustion.
⚠️ Remember: Always trade responsibly and manage your risk!
🔔 Stay tuned for more real-time updates and trade insights here on Binance Square.