MATIC could break out soon, while SUSHI and CRV lag behind
Polygon (MATIC) is trading within a descending wedge and has ricocheted off the $ 1.07 support area.
SushiSwap (SUSHI) is moving along the descending support line and has ricocheted off the horizontal support area of $ 9.50.
Curve DAO Token (CRV) is traded in a long-term ascending parallel channel.
MATIC rebounded between July 20 and September 5, hitting a high of $ 1.8. However, it has decreased since then.
Even so, the decline has taken the form of a descending wedge, which is believed to be the bullish pattern.
Additionally, the token has ricocheted from the confluence of the levels of support (green icon) created by the 0.618 Fib retracement support, the wedge support, and the horizontal support area.
Currently, both the RSI and the MACD are creating bullish divergences. Hence, an outbreak is likely.
If there is a breakdown, the next resistance is at $ 1.48.
MATIC / USDT 6-hour chart | Source: Tradingview
- MATIC acts in a descending wedge.
- There is support at $ 1.07.
SUSHI has been falling since September 16 when it hit a high of $ 16.20. The decline then brought the price up to $ 8.50.
On September 26th, the price (green symbol) bounced off the horizontal support and support line at USD 9.50, creating a bullish candle.
However, despite the rally, the technical indicators are neutral.
However, while the price action resembles a retest in an uptrend, the indicators do not confirm this possibility.
Daily SUSHI / USDT Chart | Source: Tradingview
- SUSHI is moving along a descending line of support.
- There is horizontal support at $ 9.50.
CRV has been rising since May 23 within a long-term ascending parallel channel. Most recently, the price was rejected by the channel’s resistance line on September 16. Since then he’s been falling.
Currently the price is trading just below the center line of the channel. Whether it reclaims that line or is rejected will be the determining factor in the direction of the future trend.
However, the MACD and RSI are bearish, favoring a continuation of the downward movement.
Hence, the most likely scenario would be a decline to the support line of the channel.
Daily CRV / USDT Chart | Source: Tradingview
- CRV is traded on a long-term ascending parallel channel.
- Technical indicators on the daily timeframe are falling.
You can see the coin prices here.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
According to Beincrypto