TLDR:
My 2024 targets from low to high are:
1. 1.92 USDT, the 0.618 Fib retracement.
2. 2.36 USDT, the 0.786 Fib retracement.
3. 2.57 USDT, 400% from the recent HL on the weekly TF.
4. 2.92 USDT, the 2/1 Gann angle (considering price and time).
Background (Weekly TF):
Matic was in a downtrend from December 2021 until June 2022. MATIC lost 89.54% of its USDT value during the downtrend, which is remarkably good for a cryptocurrency.
Between June 2022 and February 2023, MATIC’s price rose approximately 400%, not too bad for a bear market.
From February 2023 until October 2023, MATIC was in a correction. MATIC managed to finish this correction with a HL of 0.49 cents. This means that MATIC maintained the uptrend and completed the overall correction with a Double Bottom.
Support and Resistance (Weekly TF):
MATIC is above the 0.236 Fibonacci retracement at approximately 93 cents. It is yet unclear if it will hold this level or not. MATIC is 99% correlated to Bitcoin, and much depends on Bitcoin’s PA, which is unclear.
The next significant resistance is the 0.382 Fibonacci retracement at 1.30 USDT. A Weekly supply zone compounds this resistance. This zone’s proximal line is at 1.28 USDT, and the distal line is at 1.5 USDT.
The 4/1 Gann angle is also approximately at the same level, strengthening the resistance level. Unlike Fib retracements, which are horizontal, a Gann angle is diagonal and considers price and time. For this reason, I cannot put a number on this resistance.
Volume Profile:
Fixed Range Volume Profile taken from December 2021 until today shows the PoC is at the same level as the 0.236 Fib retracement. If MATIC manages to hold above this level, it could become a significant support level. The VAH is at 1.08 USDT, acting as resistance on the daily TF.
A Fixed Range Volume Profile taken from the bear market low shows the PoC is at 85 cents. From a PA standpoint, the 85 cent is a notable S/R level. Should MATIC lose the 92-cent level, the 85-cent level could be appointed in which MATIC will find support and turn around.
2024 Targets:
Predictions are a thorny issue. What I am doing as an analyst is driving forward while looking in the rearview mirror. Take my prediction as an educated guess and always trade the chart level to level.
I assume 2024 will be a good year for crypto because of macro factors such as the Bitcoin ETF, the US FED rate cuts, and the presidential election race.
MATIC has proven itself to be a resilient and volatile asset, which makes me optimistic about its prospects. MATIC managed to rise 400% in eight months during a bear market. Assuming the same level of performance in a bull market is conservative.
My 2024 targets from low to high are:
1. 2.36 USDT, the 0.786 Fib retracement.
2. 2.57 USDT, 400% from the recent HL on the weekly TF.
3. 2.92 USDT, the 2/1 Gann angle (considering price and time).
What do you think?
Please share in the comments.
My 2024 targets from low to high are:
1. 1.92 USDT, the 0.618 Fib retracement.
2. 2.36 USDT, the 0.786 Fib retracement.
3. 2.57 USDT, 400% from the recent HL on the weekly TF.
4. 2.92 USDT, the 2/1 Gann angle (considering price and time).
Background (Weekly TF):
Matic was in a downtrend from December 2021 until June 2022. MATIC lost 89.54% of its USDT value during the downtrend, which is remarkably good for a cryptocurrency.
Between June 2022 and February 2023, MATIC’s price rose approximately 400%, not too bad for a bear market.
From February 2023 until October 2023, MATIC was in a correction. MATIC managed to finish this correction with a HL of 0.49 cents. This means that MATIC maintained the uptrend and completed the overall correction with a Double Bottom.
Support and Resistance (Weekly TF):
MATIC is above the 0.236 Fibonacci retracement at approximately 93 cents. It is yet unclear if it will hold this level or not. MATIC is 99% correlated to Bitcoin, and much depends on Bitcoin’s PA, which is unclear.
The next significant resistance is the 0.382 Fibonacci retracement at 1.30 USDT. A Weekly supply zone compounds this resistance. This zone’s proximal line is at 1.28 USDT, and the distal line is at 1.5 USDT.
The 4/1 Gann angle is also approximately at the same level, strengthening the resistance level. Unlike Fib retracements, which are horizontal, a Gann angle is diagonal and considers price and time. For this reason, I cannot put a number on this resistance.
Fixed Range Volume Profile taken from December 2021 until today shows the PoC is at the same level as the 0.236 Fib retracement. If MATIC manages to hold above this level, it could become a significant support level. The VAH is at 1.08 USDT, acting as resistance on the daily TF.
Predictions are a thorny issue. What I am doing as an analyst is driving forward while looking in the rearview mirror. Take my prediction as an educated guess and always trade the chart level to level.
I assume 2024 will be a good year for crypto because of macro factors such as the Bitcoin ETF, the US FED rate cuts, and the presidential election race.
MATIC has proven itself to be a resilient and volatile asset, which makes me optimistic about its prospects. MATIC managed to rise 400% in eight months during a bear market. Assuming the same level of performance in a bull market is conservative.
My 2024 targets from low to high are:
1. 2.36 USDT, the 0.786 Fib retracement.
2. 2.57 USDT, 400% from the recent HL on the weekly TF.
3. 2.92 USDT, the 2/1 Gann angle (considering price and time).
What do you think?
Please share in the comments.