MATICUSD going Ethereum 2016/17 style

TradingShot Updated   
The MATIC Network (MATICUSD) has been rejected last week on the 1W MA50 (blue trend-line). In an interesting turn of events, its price action since the COVID March 2020 crash, is similar to Ethereum's (ETHUSD) price action from October 2015 to January 2017, which also got rejected on its MA50 (for better illustration we used the 4D time-frame, even though 1W fares well too). Both made the MA50 rejection after the broke above their correction Lower Highs trend-line.

What made a big difference for ETH in its January 2017 break-out and rally was the bearish reversal on the U.S. Dollar (DXY). MATIC made its October 2022 bullish break-out as the DXY has pulled-back significantly. If the fractal continues to be repeated, expect a strong rally on MATIC in 2023.


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Note: Orange trend-line = DXY

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