Cryptocurrencies

MATIC technical analysis

MATIC seen from the temporality of 1D we can observe how the price has been forming higher and higher minimos since it touched the diagonal of tendency and it was done the pullback of recovery of the support located in the 104, at the moment the movement has recovered the support located in the 128, if the price manages to stay above that level is very likely to see the price break the resistance diagonally and reach our target gain in the 197, otherwise, the price could fall back to 104 and the support may not be able to hold the price this time and see MATIC fall to the demand zone in the 50.

MATIC seen from the temporality of 4H we can observe how the price has been falling after breaking the support of the ascending wedge, this could take the price towards the greater diagonal that has been working as support during the current route, in the graph I have indicated by means of arrows the possible scenarios that could be presented once the price touches the diagonal, for the moment it would be advisable to wait to see the reaction of the price once you reach that point, also the price could gain strength in the coming hours staying above 128 and continue its bullish momentum, for the time being it is difficult to know what the price is going to do.

In conclusion, MATIC presents a bullish movement that has recovered important levels during its short run, it is still early to know, however, if the price manages to close above 128 and find the necessary strength to test the resistance we could see a break up, otherwise, we should wait for a price below 104, being the support located in the 50, the last zone of demand where surely much capital will be waiting for such zone. If the BTC price continues to fall during these days, the market could move a bit, the alts/btc should not be affected, but in my experience, in most cases if they do, therefore, we must take the greatest possible precautions, only put operation once the break confirmed and always using stop loss.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

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