Cryptocurrencies

MATIC technical analysis

MATIC seen from the temporality of 4H we can observe how after a series of HL (lower highs), the price ended up breaking the diagonal thus causing a strong bearish movement, currently the candles have found support but it seems that the bulls still do not have enough interest in moving the price up.

Within the same time frame I have also pointed out the diagonal fall of the current structure, we can see how the previous candle has touched the diagonal generating a lot of supply, added to this observation I have indicated through an “X” the candles that touched the EQ point of the range, down in volume we can see how the second attempt to close above that point increased the offer, this is a strong signal of a possible bearish movement.

MATIC seen from the temporality of 1D we can observe the diagonal before mentioned and as the current sail has found offer in this area, I have placed three curves that indicate the following three possible support for MATIC, we can see how the sails have not yet touched the support in 50, however, as I mentioned above, everything seems to indicate that the price will fall below the low range, I have plotted the possible trajectory that could follow the price in the following days.

I have decided to place the chart above in the 4H temporality to see where the support is at 61 where it is very possible that the price will find the definitive support, if this is so we should wait for an entry within the price range of 205 – 190.

As a fundamental MATIC has three important implementations for the following month that will undoubtedly have relevance in the value of MATIC.

As a conclusion, if the price still fails to close above the EQ point, we should see the price fall below the low range of the current structure, which would give us an excellent entry around 205 – 190, to confirm the entry we would have to see significant demand at that point, as well as reclaim the support of the range and stay above the 61 curve.

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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