MATIC is currently facing cloud resistance. After a few days of market volatility it was able to find support and close the last 3 days above the 50MA. It has also being achieving a higher low signaling an uptrend. If it falls under the 50MA and closes under 203, then the trend has reversed and we are now bearish. On the other hand, if the uptrend continues, it will take us into the first target. If it gets enough volume, breaking and holding above the 1.0 Fib will take us into a long term trade on which we will have to update the trade and follow the weekly chart.
Entry: 205 - 215 TG1: 235 TG2: 250 TG3: 270 Stop if daily closes under 203
After the dreadful Deceber Matic price debacle,came another price push back on 09/03/2020. Lack of something from the side of Matic creators could be a dark cloud on their heads for some time to come. Some people find it too dangerous to invest in Matic, the number Circulating Tokens is too low in relation to the Total Supply.
SteelMiner
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@Claudio18, Thanks for sharing your thoughts. MATIC along with other layer2 tokens suffered a similar fate, but they still move and can be played. It'll take some time to see them having bigger moves.
Claudio18
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@SteelMiner, Of course, you are right, I have been a Matic follower, taking the time to watch even many interviews with Sandeep Nilwall one of Matic's creators, I also believe that they will do well in the future, the heavy ballast they carry is... those massive Token emissions supposedly gone to the hands of their creators at ICO prices. We don't have trustworthy information about what is going on, and that uncertainty becomes an issue until everybody knows for sure that we don't have on one side Tokens to be released and on the other side Tokens to be exchanged at an astronomical proffit.
Yss, those are issues easy to solve for the super smart guys running this project. All good. Thank you also.