Levels to Watch This Week for Polygon, Chainlink and Chiliz

The cryptocurrency market is moving sideways on lower volume today. Polygon (MATIC), formerly known as Matic Network, continues with a value increase of more than 10%, positively differentiating itself from the market, which moved sideways with more light sellers in October. Cryptocurrency project Chainlink (LINK) could not escape the selling pressure in October. Chiliz (CHZ), which is used on many platforms, especially in the world of sports and e-sports, made a move to break the last 1-month downtrend with the purchases that started last week.

Polygon (MATIC) started to receive demand after falling to just below $0.7 last month. It has continued to move in an ascending channel since September 22. MATIC investors, who tested the lower band of the channel at $ 0.77 towards the end of last week, recorded a new wave of demand from this point. This momentum triggered the cryptocurrency's 17% rise from last week's low, almost to the upper band of the channel. Polygon, which paused its bullish momentum yesterday, is testing the nearest support level, $0.88, while moving slightly lower today. If MATIC buyers can hold the cryptocurrency above this support price today, the next move could be towards the September peak and the upper band of the channel, averaging $0.94. Below the $0.88 support, short and medium-term EMAs in the $0.82 - $0.86 region could serve as intermediate support for the cryptocurrency. In addition, MATIC's price action last week allowed the EMA values on the daily chart to move to a bullish ideal position. The fact that the retracement was limited to the daily close on the 3-month EMA value can be expressed positively. In the light of the latest analysis, MATIC will maintain a bullish outlook as long as it remains above the support of $ 0.88 and will make the psychological price level move towards $ 1 with limited corrections. Below this support, the average main support zone of $ 0.8, which coincides with the bottom line of the rising channel, will become important for maintaining the bullish outlook. If LINK/USD fails to close above the average daily close of $7.1 this week, it may accelerate its downward momentum in volatility, which is likely to increase in early November, with the possibility of moving towards $6 support. Currently, EMA values are generating bearish signals while the Stochastic RSI remains bullish in the short term. However, if the $7 band is not regained, the indicator may change its signal to sell. Chiliz (CHZ) entered a correction phase after peaking at $0.28 towards the end of September in its uptrend that started in June. Based on this trend, the fact that this decline stopped at Fib 0.618 and a significant bounce came at this point can be explained as Chiliz completed the correction phase. CHZ, which saw a value increase of more than 10% from the Fib 0.618 region, broke this resistance price by moving in the opposite direction of the market yesterday after lingering for a while at the resistance of $ 0.1855 in weekend trading. Today, it is noted that there is an intermediate resistance in the region of 0.193 dollars, which corresponds to the average value of the 89-day exponential movement. A day closing above this value can be predicted that the cryptocurrency may test the target levels at $ 0.2 and then $ 0.235 for the rest of the week. In the lower region, the average level of $ 0.185 will be followed as the closest support zone today. Below this support zone in a possible increase in selling pressure, CHZ/USD may retest its main support at $ 0.16. Source: investing Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account! The investment information, comments and recommendations in this article do not constitute investment advice. Investment advisory services are provided individually, taking into account the risk and return preferences of individuals. The content contained herein is in no way directive and the recommendations are general in nature. These recommendations may not be suitable for your financial situation and risk and return preferences. Therefore, making an investment decision based solely on the information contained herein may not produce results in accordance with your expectations.