MATIC created a potential bearish flag pattern from the June low. It was easy to guess the top of the flag and the start of the descent. At this moment, the lower trend line of the flag is broken. It's hard for me to predict what the way down will look like, maybe it will test the trend line from below or even make a false reversal. Short positions would have it very easy if it only went down. However, I think it will test the area of the June low by the end of the year, and if it holds and other conditions are met, there could be an upward turn.
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Matic is on his way to further support.
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Matic is in support, there has been a predictable small bounce. Apparently, according to the post in the comments on this support, some traders are expecting an upside (he is a good trader, so anything is possible). But that's thin ice for me, it's a relatively young cryptocurrency, it's still +2300% high as of January 2021, so there's definitely still room to go. However, the possible rebound is only temporary. If my bearish flag theory is correct, then the target will be much lower.
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The thin ice has cracked and Matic is sinking into the depths.
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Matic enters the area of resistance. If there were many short positions, liquidation may occur, but the subsequent price increase will not last. I even think there will be a subsequent break lower after the bounce from the double bottom.
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A market maker could load Matic bulls in the $0.5 area and dump them after a small bounce.
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Matic loaded the bulls and dumped them exactly in the area where I expected, if he liquidates the greedy short positions here and then there is another smaller upward movement, it is possible. The bottom will be lower.
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Matic is testing his main trend line, I expect rejection. I'm bearish until the chart convinces me otherwise.
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If you went short right from the top of the bear flag, which was easy to predict, you didn't have to deal with anything all the way down and the money was gradually passed to you by the moonboys who keep trying to go long. It will play with support for a while here, it will bounce around a bit to give vague direction signals, but I think liquidity is waiting below. I like the saying, if you don't know where the liquidity is, you probably are the liquidity. I don't care what he's doing here, to me an altcoin after all the hype is like a magazine unloaded gun (useless). If I see a recharge I might change my mind. Anyway, make your plan because the money you lose at the end of the day will be yours.
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After squeezing out late short positions and triggering bullish sentiment, I then expect a continuation down.
At this point, I don’t know if I should buy more matic or not. If it gets the listed on major exchanges, I can see it, dropping to the price point that you charted. The one thing I’ll never understand is how the token price keeps dropping when there’s so many positive developments in their ecosystem.
emadill915
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@emadill915 oops… replied to the wrong chart… another has it dropping to .30
trader-123456
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@emadill915, Hi, I'm betting on another drop, I believe better prices will come.
bruce19
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PERFECT!!
SwallowPremium
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Good work. We like your technical analysis with always good description!