According to crypto analyst Filip L, Polygon (MATIC) is fluctuating in pennant anger and bearish trend is on the horizon for MATIC. The analyst expects a profitable week for Litecoin (LTC) in a battered quarter. According to analyst Akash Girimath, Dogecoin (DOGE) will revisit $0.65 to rebalance the inefficiency. We have compiled the analysts’ MATIC, LTC and DOGE analyzes for our readers.
“MATIC predicts some modest gains”
Polygon is likely to see some small profits in volatile early trades driven by some weakness in the dollar. By the way cryptocoin.comAs you follow, European markets gained momentum after comments and rumors that the British prime minister and Prime Minister will step back on some measures in their mini-budgets, after heavy pressure from the US and IMF as well as their own cabinets over the weekend. This is positive for now. However, it is likely that this effect will lessen by next week. Therefore, we expect it to pull the markets down.
MATIC therefore sees limited bullishness with the monthly pivot at $0.80 and a few cents above it, with the 55-day Simple Moving Average (SMA) at $0.83. A few cents higher at $0.87, the red descending trendline from the pennant and additionally the 200-day SMA at $0.90, which is likely to act as the upper bound of price action. Therefore, there are three or even four elements that will drive any bullish action for MATIC this week.
However, in the coming week, some positive elements will start to wane. So we expect more negativity. Not just British politics. At the same time, as winter approaches, Ukrainian forces are likely to witness some setbacks. Then there is the decision of OPEC to cut the expected supply. As a result, oil prices skyrocket. When the green trendline is broken while MATIC is pushing downwards, an initial base potentially presents itself at $0.62. Also, the monthly S1 stands just above as the first circuit breaker.
“LTC will make small gains in overall bear trend”
The risks of overblown tails for Litecoin have steadily faded over the past week. Hence, LTC is positioned to print some gains for this week. The analogy that markets are an elastic band fits this situation. After stretching last week, it’s time to relax a bit. Behind this, some dollar weakness is possible with cryptocurrencies in a sweet spot and hand in hand with higher stocks.
LTC will see the bulls brush against the red descending trendline on Tuesday. Once this trendline is broken, a quick and sharp uptrend will likely follow with the bulls leaping to get in. The stated price target is the 55-day Simple Moving Average. Also, it is at $57 with a monthly pivot as a double plateau to stop and take profits before support declines towards the end of the week.
The risk would likely be a technical rejection at the red descending trendline. This could happen, for example, after a central bank intervention or an event that will affect the markets, such as a further escalation of violence in the war between Ukraine and Russia. A quick drop to $50 will follow with some follow-up to $46.50 and monthly S1. The Relative Strength Index still trades below 50. So, in case of another pullback, it will quickly reach the oversold area. Presumably, this will limit further degradation.
“Dogecoin price delays its rise”
DOGE price action is a clear example of liquidity runs and imbalances. The 21% rise between Sept 22 and 24 gathered buy-stop liquidity standing above swing highs at $0.0650. This rally also created a swing high of $0.0682. This allowed DOGE to drop roughly 11%. Thus, the signal for a reversal came.
DOGE rebalanced Fair Value Difference (FVG) from 0.0607 to 0.0618. This move came before it swept the $0.0585 level for liquidity. Regardless, DOGE only rose 5%. Then, it quickly reversed those gains and is currently holding just over $0.0585. It is reasonable to sweep this level in the near future. This can be followed by a rapid rise later.
In such a case, investors can expect DOGE to rebalance another disequilibrium stretching from $0.0645 to $0.0649. Transitioning from the current position to retesting the lower bound of this FVG means a 10% gain. Probably holders need to save profits.
On the other hand, if DOGE produces a lower low below $0.0558, the September 19 low, this indicates that there is no buying pressure. This development will cause a shift in the market structure in favor of the bears. It will also invalidate the bull thesis for DOGE. It is possible that this development will bring the Dogecoin price down to $0.0530.
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