Filip L. FXStreet Follow Following
Polygon (MATIC) price gets underpinned this Monday morning as markets find themselves rattled yet again at the start of the trading week. Effects are rippling as the UK chancellor, Kwasi Kwarteng, makes a U-turn on a sensitive element of his budget proposal after heavy criticism from both the US and even the IMF. With the pound sterling strengthening a bit, triggering some dollar weakness, cryptocurrencies are benefiting from the weakness in the dollar, triggering a few modest gains.
Polygon price could print some small profits in the coming days after the market impact of some dollar weakness in volatile early trading. With the ASIA PAC closed, European markets whipsawed after comments and rumours that the UK chancellor and PM would backtrack on some of the measures in their mini-budget after massive pressure from their own cabinet, as well as the US and the IMF over the weekend. Although this is positive for now, expect to see that effect fade by next week, pushing markets back to the downside.
MATIC price thus sees limited upside, with the monthly pivot at $0.80 and a few cents above that, the 55-day Simple Moving Average (SMA) at $0.83. Another few cents higher, at $0.87 is the red descending trend line from the pennant, and additionally, above that, the 200-day SMA at $0.90, which could further act as cap to price action. Thus there are three, even four – if you take into account the monthly pivot – elements that could drag and possibly cut short any bullish price action for MATIC this week.
Next week more downside is projected as some positive elements will start to fade. Not only from UK politics, but also from the war in Ukraine, where, with winter looming Ukraine forces could start to witness some setbacks,, and on top of that OPEC+’s expected decision to cut supply, resulting in oil prices shooting through the roof. Once the green trend line breaks as MATIC pushes to the downside, an initial floor potentially presents itself at $0.62 with the monthly S1 just above as first circuit breaker.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Bitcoin price has been in a steady consolidation for more than two weeks and shows no signs of directional bias. However, the Non-Farm Payrolls (NFP) announcement on October 7 could trigger a volatile episode for BTC that could resolve its range tightening and establish a directional bias.
Ethereum price trends sideways between an upper range limit at $1,380 and a lower range limit at $1,272. Its recent rejection caught most investors unawares, with ETH falling to trade at $1,330 at the time of writing.
Dogecoin (DOGE) price action is at risk of tanking 12% and, in the process erasing its weekly gains. A big catalyst that could trigger the retreat is the US Non Farm Payrolls (NFPs) report that is due to come out later this afternoon.
Cardano price has arrived at an inflection point that has triggered not one but three reversals over the last two months. The recent retest does provide a similar opportunity for investors but with a higher risk.
Bitcoin price has been in a steady consolidation for more than two weeks and shows no signs of directional bias. However, the Non-Farm Payrolls (NFP) announcement on October 7 could trigger a volatile episode for BTC that could resolve its range tightening and establish a directional bias.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and omissions may occur. Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, clients or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.