Will DOGE and MATIC Rebound After the Retrace?

MATIC/USD under 20-MA, But Eyes High

Polygon (MATIC/USD) overpowered a consolidation formation on 25 October and surged with higher lows and higher highs. However, the alt encountered resistance near $2.21 on 29 October and corrected towards $1.81 on 31 October. While writing this article, MATIC/USD has its value at 41.88 as it still moves in bearish pressure. Meanwhile, will the $1.81 hold or bearishness will attract more entries by sellers.

Meanwhile, the crypto space opened this week with low tones from the eventful week where tokens such as SHIB claimed the top 10 spots in the crypto list. Also, ETH attained an ATH at $4,434. On the other side, MATIC/USD lost 4.15% over the previous 24 hours, though still 14.12% high over the past seven days.

MATIC/USD 4Hr Tech Picture

According to the four-hour chart, MATIC/USD is beneath the 20-MA but beyond the 50 MA. Also, the pair trades above the support at $1.8. However, if the 50-MA fails to hold, MATIC/USD will enter a bearish momentum, potentially retracing to the range at $1.43 – $1.63.

Polygon Trade Idea

Though MATIC/USD appears on a downward momentum, analysts maintain bullishness if the crypto maintains beyond the 50MA, the current support. It is ideal to buy at the correction when the daily chart depicts bullish price confluence. Market participants can buy above the 20MA. If the pair plummets under the 50MA, sellers will dominate, pushing the alt down to $1.43.

DOGE/USD Corrects to Support – Time to Buy?

Dogecoin (DOGE/USD) cooled after touching the resistance of $0.33 on 28 October. The correction surfaced after the meme coin surged nearly 40% on that same day. While publishing this content, DOGE/USD is at $0.27 and plans to kick-start upward moves.

Meme coins, including Dogecoin, have enjoyed massive bullishness over the past sessions. Though SHIB surpassed DOGE as the top meme coin, Dogecoin appears to fight back. For now, Dogecoin ranks 10 with its market capitalization at $36 billion. Market players watch Dogecoin’s actions today as Elon Musk, its promoter, commented on launching a learning institution in Texas, accepting Dogecoin for tuition fees.

The 4hr chart shows DOGE/USD trading around the support area after the retracement. The token plunged to $0.25 on 31 October before attracting bullish pressure. If the current correction attracts enough bulls, DOGE/USD can rise again. Failure to that will see DOGE exploring the support zones at $0.23, $0.22, and then $0.19.

Dogecoin Trade Idea

DOGE/USD bounced off the support at $0.26. You can take advantage, buying at the alt’s current price. That way, $0.31 can be the closest profit target. That is when it holds the support at $0.26. However, if the pair closes under this support, downtrends might follow.

GOOD LUCK!!!

Leave a Reply

Your email address will not be published. Required fields are marked *