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Rekt (rektarb.xyz)

Rekt

<p>Polygon’s MATIC token saw a slight price bump earlier this week after exchange OKX launched a scaling solution built on Polygon’s technology. However, MATIC has been unable to maintain its momentum, now declining over 3% in the last 24 hours back to $0.91 from $0.98. According to leading analyst Rekt Capital, a key test is coming up for MATIC that will determine if its bullish breakout can continue.</p>
<h2 class="wp-block-heading" id="breaking-macro-downtrend">Breaking Macro Downtrend</h2>
<p>As Rekt Capital notes in a recent newsletter, MATIC recently broke out from the macro downtrend, around $0.75. The downward price structure has dictated its price pattern for the year.</p>
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<p>Rekt Capital points out that a monthly close above this former downtrend would officially confirm the breakout. However, with many weeks left this month, MATIC’s stability ahead of the monthly close will be important.</p>
<h2 class="wp-block-heading" id="importance-of-retest-support">Importance of Retest Support</h2>
<p>Should MATIC dip in the coming weeks, Rekt Capital notes it is crucial for it to hold the broken downtrend line as support. Holding this zone on a retest would demonstrate strength and stability, increasing the odds MATIC can start a new sustained macro uptrend.</p>
<p>On the flip side, failing to hold support could invalidate the breakout and lead to more downside. MATIC has yet to retest the former descending resistance as support.</p>
<h2 class="wp-block-heading" id="bull-run-hinges-on-retest">Bull Run Hinges on Retest</h2>
<p>In conclusion, while MATIC’s breakout is an encouraging sign, Rekt Capital emphasizes the token isn’t out of the woods yet. For MATIC to kickstart a new bull market cycle, it must first retest and confirm its broken downtrend as support, according to Rekt Capital’s analysis.</p>
<p>Read also:</p>
<ul>
 <li><a href="https://captainaltcoin.com/top-analyst-identifies-a-red-flag-in-bitcoin-btc-on-chain-indicators/" target="_blank" rel="noopener noreferrer nofollow">Top Analyst Identifies a “Red Flag” in Bitcoin (BTC) On-Chain Indicators</a></li>
 <li><a href="https://captainaltcoin.com/bearish-market-drags-down-bitcoin-and-ethereum-while-this-altcoin-shines/" target="_blank" rel="noopener noreferrer nofollow">Bearish Market Drags Down Bitcoin and Ethereum While This Altcoin Shines</a></li>
 <li><a href="https://captainaltcoin.com/investor-alert-cardano-ada-and-meme-moguls-mgls-surge-amidst-market-volatility/" target="_blank" rel="noopener noreferrer nofollow">Investor Alert: Cardano (ADA) and Meme Moguls (MGLS) Surge Amidst Market Volatility!</a></li>
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<p>This retest will likely occur in the coming days and weeks ahead. MATIC holding up on this key test could pave the way for a sustained move back toward its all-time high near $1.5.</p>
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<p>The post <a href="https://captainaltcoin.com/polygons-matic-must-hold-this-critical-level-to-sustain-bullish-momentum-despite-positive-sentiment/" rel="noopener noreferrer nofollow">Polygon’s MATIC Must Hold This Critical Level to Sustain Bullish Momentum, Despite Positive Sentiment</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Polygon’s MATIC Must Hold This Critical Level to Sustain Bullish Momentum, Despite Positive Sentiment

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