Cryptocurrency Technical Analysis: BNB and MATIC
In the cryptocurrency market, technical analysis is an indicator that investors, especially those trading in the futures market, need to follow continuously. As of the time of writing, BNB is trading at $225.1 and MATIC at $0.7350, but what clues does technical analysis provide for us? We examine the detailed charts and the significant support and resistance levels.
Binance Coin (BNB) Chart Analysis
BNB shows a rising channel formation on the four-hour chart that has become significant. This structure became invalid after a major sell-off following the process between the US Department of Justice and Binance. Although BNB price shows signs of recovery, the momentum continues to slow down as the EMA 200 (red line) acts as a significant resistance level.
The most important support levels to watch on the four-hour chart for BNB are; $222.2 / $218.6 and $215.1, respectively. A four-hour bar close below the $222.2 support level, especially on November 27, will lead to a serious selling pressure on the price.
The most important resistance levels to watch on the four-hour chart for BNB are; $227.7 / $231.7 and $237.7, respectively. A four-hour bar close above the $238.7 level, which intersects with the EMA 200, will reintroduce a bullish momentum for BNB.
Polygon (MATIC) Chart Analysis
MATIC also presents a rising channel formation on its four-hour chart as the first notable pattern. Although the price broke through resistance and gained significant momentum in November, MATIC returned to the formation area and broke the support in the last bar formations. This development suggests that MATIC may face selling pressure in the short term.
The most important support levels to watch on the four-hour chart for MATIC are; $0.7209 / $0.6947 and $0.6623, respectively. A four-hour bar close below the $0.7209 level will likely lead to a loss of momentum for the price.
The most important resistance levels to watch on the four-hour chart for MATIC are; $0.7857 / $0.8173 and $0.8583, respectively. A bar close above the recently unbreachable $0.7857 level will contribute to MATIC’s price gaining momentum.
Technical analysis reveals BNB and MATIC trends.
Support and resistance levels are critical indicators.
Chart patterns suggest potential future price movements.
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