The association between Polygon’s MATIC and Fantom’s FTM was negative during the weekend. The former looks to be headed for higher highs, but the latter may be ready to experience a sharp reversal.
The cryptocurrency market is experiencing volatility, and altcoins like MATIC and FTM are ready for considerable price movement.
Since Saturday’s trading session started, MATIC has shown remarkable, bullish momentum, gaining approximately 13%. In late July, the uptrend enabled it to break out of an ascending triangle formed on its four-hour chart. Based on the pattern’s Y-axis height, more purchasing pressure may cause Polygon to initiate a 27% uptrend toward $1.25.
In the same time, the Tom DeMark (TD) Sequential indicator displayed a sell signal. The bearish pattern manifested as a green nine candlestick, indicating a one- to four-candlestick retracement. A surge in profit-taking might result in a decline to $0.98 or $0.95 before the uptrend’s continuance.
Unlike MATIC, Fantom has had a 4.4% drop since the opening of trade on Saturday. The decline was precipitated by rejecting the ascending wedge’s upper trendline on FTM’s four-hour chart. This consolidation pattern implies that a 17.5% decline to $0.32 is coming if prices drop below the lower trendline at $0.38.
Notably, Fantom would need to finish firmly above $0.42 to disprove the bearish view. This resistance level’s breach might be seen as a sign of strength that prompts traders to reopen long positions, sparking a breakthrough to $0.49 or perhaps $0.53.
Also Read: Spain and France had the highest inflation rate in four decades
