Are Polygon (MATIC) And Avalanche (AVAX) Crypto Prices Poised For a Breakout Following Their Recent Slump?
Polygon (MATIC) has broken out from a Channel Down pattern, but the price has failed to break above the $0.75 resistance level. According to a technical analysis by altFINS, MATIC is currently retesting the breakout level, and investors are waiting for a successful retest and break above $0.75, which could signal a trend reversal with a potential 15% upside to $0.86, the 200-day moving average.
However, the overall trend for MATIC remains bearish across all time horizons, including short, medium, and long-term. The price must break back above the 200-day moving average to confirm a trend reversal.
Source: altFINS – Start using it today
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Mixed Momentum and Key Support/Resistance Levels
MATIC’s momentum indicators present a mixed picture, with the MACD Line above the MACD Signal Line (bullish) but the RSI below 45 (bearish). The declining MACD Histogram bars suggest that momentum is weakening, which could hinder MATIC’s ability to break above the $0.75 resistance.
Key support levels for MATIC are identified at $0.60 and $0.50, while resistance levels are noted at $0.75 (previous support), $0.90, and the $1.00-$1.05 range.
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Show more +Avalanche (AVAX) Faces Rejection at $40-$43 Resistance, Retests 200-Day MA
Avalanche (AVAX) has broken above its 200-day moving average (approximately $35) but faced rejection at the $40-$43 resistance zone. The price has since pulled back to the $35 support level and the 200-day MA, retesting the breakout.
The technical analysis by altFINS suggests that the $35 support area may not hold, as momentum is fading, indicated by the declining MACD Histogram bars.
Source: altFINS – Start using it today
Mixed Trends and Weakening Momentum
AVAX is currently in a downtrend on both short and medium-term time frames, while maintaining an uptrend on the long-term basis. The mixed momentum indicators, with the MACD Line above the MACD Signal Line (bullish) and the RSI below 45 (bearish), coupled with the declining MACD Histogram bars, suggest that the momentum is weakening.
Key support levels for AVAX are identified at $35 and $28, while resistance levels are noted at the $40-$43 range (previous support) and $50.
Factors Contributing to its Price Plunge
Several factors may be contributing to the recent price plunge in both MATIC and AVAX:
- Overall Market Sentiment: The broader cryptocurrency market has been experiencing a downturn, which may be affecting the prices of MATIC and AVAX.
- Profit-Taking: As both MATIC and AVAX have seen significant price increases in the past, some investors may be taking profits, leading to increased selling pressure.
- Technical Resistance: The inability of MATIC and AVAX to break above key resistance levels may be causing some investors to lose confidence and sell their positions.
Technical factors, such as the struggle to break above key resistance levels and weakening momentum, have contributed to the recent price plunges in Polygon (MATIC) and Avalanche (AVAX).
Read more: Experts Say VeChain (VET) is ‘Cooking Something’ in the Real World Asset industry – Here’s Why
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