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Polygon (MATIC) Breakout Incoming? Cryptocurrency Technical Analysis, Forecast, Charts

– Polygon appears to be halted and looks as if it had difficulty moving higher, despite trading above the Cloud.

– The weekly and daily charts show strong bullish condition

A current frustration for many Polygon bulls is the somewhat stale and stagnant state it is currently trading in compared to its peers. This frustration can be compounded when you observe the weekly chart and see there is – literally- nothing above price within the Ichimoku system to halt it from having a solid advance to new all-time highs. Every single condition on the chart confirms a strong bullish move ahead:

1.Chikou Span above the candlesticks and in open space.

2.Tenkan-Sen and Kijun-Sen above the Cloud.

3.Price above the Tenkan-Sen and Kijun-Sen.

banner4.Flat future Senkou Span B with the Future Senkou Span A sloping up.

So why, then, does it seem as if Polygon can’t move above the 1.70’s value area? The answer is on the daily chart.

Let’s review the conditions for an Ideal Bullish Ichimoku Breakout

1.Chikou Span above the candlesticks and in open space.

2.Tenkan-Sen above the Kijun-Sen.

3.Tenkan-Sen and Kijun-Sen above the Cloud.

4.Price above the Tenkan-Sen and Kijun-Sen

5.Price, Tenkan-Sen, and Kijun-Sen are not far away from one another.

6.Future Span A is above Future Span B.

7.Price above the Cloud.

All of the conditions above have been met by Polygon to confirm a bullish Ichimoku breakout. So what is stopping it? The answer is the Lagging Span. It’s easy to forget the role that the Lagging Span plays in the Ichimoku system. I’ve seen so many bad educators teach the Ichimoku system on YouTube that many of these educators remove the Lagging Span from the cart – as if it is not necessary. They treat it like the gallbladder or the appendix and assume it is a pointless piece of the system. It’s not.

I refer to the Lagging Span as the secret weapon of the Ichimoku system. The funny thing about the Lagging Span is that it is not a highly complex tool. It’s not a moving average; there’s no calculation to develop it. It is merely the current close pushed back 26 periods. It’s a mirror image of the current close. That’s it. Nothing special. But the critical thing to know about the Lagging Span is that it will respond to the same Ichimoku support and resistance levels that the current candlestick does. It’s almost as if you have to think of there being two candlestick charts at the same time. So, while it may look like Polygon has a total open range in front of it – the Lagging Span does not. The Lagging Span is up against the strongest support and resistance level in Ichimoku: Senkou Span B. We’ll likely see a big push higher once the Lagging Span can close above Senkou Span B. Polygon will need to close at or above the $1.83 price level for this to occur.

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