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Tron (TRX) and Polygon (MATIC) Technical Analysis: Bears Unshakable?

cryptoknowmics.com 21 December 2021 10:48, UTC
Reading time: ~2 m

Tron (TRX) pierced a three-month support line below $0.08, confirming bears. Meanwhile, Polygon (MATIC) prices are solid above $1.75, pointing to strength.

Tron (TRX)

TRX primes the smart contracting platform as the primary currency.

Past Performance of TRX

The Tron token price is sliding, tanking versus the resurgent greenback as per the TRX technical analysis. Although Tron coin traders might be hopeful, the trend is defined, and sellers are squarely in charge.

Day-Ahead and What to Expect

The TRX crypto price is tethering at a three-month support line, as visible in the daily chart. Overall, this could be bullish.

However, a top-down preview of this development indicates weakness since TRX coin prices have dropped below this critical base of the triangle at $0.08.

Tron Technical Analysis

There is a bear breakout pattern below the triangle defining the uptrend clear in the TRX token daily chart.

With prices below $0.08 and within the high volume bear bar of December 8, sellers might unload on pullbacks.

The first target will remain at $0.065—the 78.6 percent Fibonacci retracement level of the H2 2021 trade range.

On the flip side, there will be reprieve if TRXUSDT prices expand above $0.08 and ideally above $0.09—thrusting the coin above the middle BB—the dynamic resistance trend line former support.

Polygon (MATIC)

The Ethereum sidechain scales the legacy blockchain using MATIC as the main currency.

Past Performance of MATIC

Surprisingly, the Polygon token price is firm versus sellers. In a rising triangle, a pennant, MATIC crypto bulls have the upper hand.

Day-Ahead and What to Expect

The path of the least resistance remains northwards primarily due to the firmness of MATIC token prices.

As per the MATIC technical analysis of the daily chart, $2.2 is the main resistance level. If prices pierced above this mark, MATICUSDT could soar to new highs.

Meanwhile, a close below $1.75 unwinds recent gains, possibly deflating the uptrend of the recent few days.

Polygon Technical Analysis

MATICUSDT prices are edging higher, encouraging participation.

While aggressive Polygon coin traders might load the dips on pullbacks, there are even clear opportunities above $2.2.

Then, a high-volume breakout bull bar will push the MATIC coin into new territory.

On the flip side, a break below the pennant below $1.75 might force the coin back to $1.50.

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