Following a significant sell-off from December 2021 to June 2022, Polygon MATIC is currently trading on the support side of an ascending broadening wedge and will shortly attempt a break-out from a major trendline.

If MATIC bounces back from the support level and breaks out, it could reach a price of $1.00. If it does not, it could retest the support level at $0.80 and then attempt to reach the ascending broadening wedge.

Scenario 1: MATIC bounces back from the support level and breaks out. This would be a bullish signal, and it could lead to a price increase of up to $1.00.

Scenario 2: MATIC does not bounce back from the support level and breaks down. This would be a bearish signal, and it could lead to a price decrease to the support level of $0.80.

Scenario 3: MATIC bounces back from the support level but does not break out. This would be a neutral signal, and it could lead to a consolidation period.

Bitcoin dominance is a measure of Bitcoin’s market capitalization relative to the total market capitalization of all cryptocurrencies.

A high Bitcoin dominance indicates that Bitcoin is dominating the cryptocurrency market, while a low Bitcoin dominance indicates that altcoins are gaining popularity. A rising Bitcoin dominance indicates that investors are moving their money out of altcoins and into Bitcoin, while a falling Bitcoin dominance indicates that investors are moving their money out of Bitcoin and into altcoins.

Several factors can affect Bitcoin’s dominance, including:

• The price of Bitcoin: When the price of Bitcoin rises, it attracts more attention from investors, which can lead to an increase in Bitcoin dominance.
• The price of altcoins: When the price of altcoins rises, it can lead to a decrease in Bitcoin dominance.
• The release of new altcoins: The release of new altcoins can lead to a decrease in Bitcoin dominance, as investors allocate their money to new projects.
• Regulatory changes: Regulatory changes can affect the cryptocurrency market, which can lead to changes in Bitcoin’s dominance.

So, what are the possible scenarios of Bitcoin dominance and Altcoins?

• BTC.D goes down, BTC stable or up = Alt season
• BTC.D goes up, BTC up, Alts bleed against BTC
• Both BTC and BTC.D are in critical resistance

Investors can use Bitcoin dominance to help them make investment decisions. For example, if Bitcoin’s dominance is high, it may be a sign that the cryptocurrency market is overvalued and that investors should consider moving their money into altcoins. Conversely, if Bitcoin’s dominance is low, it may be a sign that the cryptocurrency market is undervalued and that investors should consider moving their money into Bitcoin.

If Bitcoin dominance lowers, it means that the total market capitalization of all cryptocurrencies is increasing relative to the total market capitalization of Bitcoin. This can be a bullish signal for altcoins like MATIC, as it indicates that investors are becoming more interested in alternative cryptocurrencies.

Meanwhile, In intraday, Polygon Matic currently forming an ascending triangle, right after breaking out on its intraday trendline.

If MATIC successfully breaks out to the resistance of $0.90, it could retest the resistance level and then pump to $0.96. If it does not break out, it could fall back to its support trendline or make a liquidity sweep at $0.84.

Scenario 1: MATIC breaks out to the resistance of $0.90. This would be a bullish signal, and it could lead to a price increase of up to $0.96.

Scenario 2: MATIC does not break out to the resistance of $0.90. This would be a bearish signal, and it could lead to a price decrease to the support trendline at $0.84.

Scenario 3: MATIC breaks out to the resistance of $0.90 but then falls back to the support trendline. This would be a neutral signal, and it could lead to a consolidation period.

Alternatively, the price action of Polygon Matic is currently forming a bearish bat pattern, which is in line with the 4-Hour timeframe analysis.

To complete this harmonic pattern, MATIC must increase in price to $0.96. If it does, MATIC is likely to trade short.