Polygon (MATIC) and Terra (LUNA) Technical Analysis: Bulls Unyielding
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Polygon (MATIC)
The EVM-compatible Ethereum sidechain is scalable and with low fees using MATIC as the main currency.
Past Performance of MATIC
Tracing the solid fundamentals of Polygon, MATIC commands a higher valuation.
When writing, the Polygon token is resilient, soaking the selling pressure of the past few days and moving sideways.
Technically, the MATIC coin uptrend is valid, and the rising wedge defines the short to medium-term trend.
Day-Ahead and what to Expect
The MATIC crypto technical analysis of the daily chart points to a consolidation in a rising wedge.
As long as MATICUSDT prices trend above $1.50, buyers stand a chance.
Notably, the wide-ranging bear bars have been countered by equally strong bull bars, effectively soaking selling pressure.
A close above last week's highs at $1.95 may signal uptrend continuation, emboldening MATIC coin bulls.
Polygon Technical Analysis
In the short-term, MATICUSDT prices are moving inside a rising wedge as buyers take the wheel.
Still, Polygon crypto prices are under immense selling pressure.
Even so, if MATIC buyers rebuff selling pressure to stay put above $1.50, bulls may find the momentum to clear $1.95 as price action swing for buyers.
On the flip side, confirmation of November 26 losses below $1.50 may see the MATIC token dump to $1.20 in the short term.
Terra (LUNA)
The payments platform leverages algorithmic stablecoins using LUNA.
Past Performance of LUNA
The Terra token price is firm against the USD, inching higher as from the LUNA technical analysis of the daily chart. By rejecting lower lows, Terra coin buyers are pumping and likely to register new all-time highs above $55.
Day-Ahead and what to Expect
Risk-averse traders can wait for a close above $55 to load the dips.
However, the accompanying trading volumes above the immediate resistance line would determine uptrend confidence.
If Terra buyers are successful, the coin might spring higher to $85—the 1.618 Fibonacci extension of the H2 2021 trade range.
Terra Technical Analysis
The path of least resistance is northwards. Terra token buyers are on the cusp of breaking higher, building on solid gains from the end of last week.
As mentioned above, risk-averse traders can wait for a solid close above $55 before ramping up, targeting $85—a key Fibonacci extension level.
If sellers flow back, capping the uptrend, dips below $40, and the support trend line will invalidate the uptrend.