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Polkadot DOTUSDT could break out to $1.60
BINANCE:MATICUSDT
On April 12th, Polygon slipped below the support line of the symmetrical triangle pattern, but the long tail on the candlestick shows that the bulls bought aggressively at lower levels. The MATIC/USDT pair turned up and broke above the 20-day EMA ($1.11) on April 13th, trapping aggressive bears and resulting in a short squeeze.
The pair reached the resistance line of the triangle on April 14th, where the bears are posing a strong challenge. If bulls thrust the price above the triangle, the rally may reach the resistance at $1.30. This level may again prove to be a strong hurdle, but if crossed, the up-move could reach $1.60. This positive view will be invalidated in the near term if the price turns down and plunges below $1.08.
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On April 12th, Polygon slipped below the support line of the symmetrical triangle pattern, but the long tail on the candlestick shows that the bulls bought aggressively at lower levels. The MATIC/USDT pair turned up and broke above the 20-day EMA ($1.11) on April 13th, trapping aggressive bears and resulting in a short squeeze.
The pair reached the resistance line of the triangle on April 14th, where the bears are posing a strong challenge. If bulls thrust the price above the triangle, the rally may reach the resistance at $1.30. This level may again prove to be a strong hurdle, but if crossed, the up-move could reach $1.60. This positive view will be invalidated in the near term if the price turns down and plunges below $1.08.
Let me know what you think!
Follow me for more TA!
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