Cryptocurrencies

MATIC technical analysis

MATIC seen from the temporality of 1W we can observe how the structure of candles has kept us forming a series of HL since the break of the descending wedge in August 2019, the price is shown at excellent time to go in search of the resistance of the ascending triangle located at 0.00000211, this type of figure corresponds to a setup of continuation bullish and the moment in which the structure is found is perfect to look for the break to the rise, if we get it we could see the price go to our first objective of gain located within the price range of 0.00000310 – 0.00000340, indicated in the chart above by the two horizontal black.

MATIC seen from the temporality of 1D we can observe more closely the current movement of candles where we see how the price has formed a third HL on the diagonal support of the trend, indicated in the chart above by the blue diagonal, there is not much to say in this chart, we have a previous test of resistance with a minimum series increasingly higher, the odds of going in search of breakage are very high.

In conclusion, MATIC is in an excellent moment, with an upward movement that has managed to maintain as a signal of continuation, we could see a break of the resistance in the short term, if we get it and confirm the flip on the horizontal we should go for our first target of gains located within the price range of 0.00000310 – 0.00000340, it is important that the price maintain the bullish movement delimited by the diagonal, otherwise, the price would fall to the second zone of demand in 1W with bearish probabilities, therefore, I recommend to follow very closely the action of the price in 1D, and always remember to place your stop loss to avoid possible invalidations during the movement.

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.

You can follow me on Twitter: https://twitter.com/armijogarcia

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