Over the last few days I have been seeing many bouncing from resistances/ supports in these channels (I have circled in white above🧐📈)
If you have been crypto trading you have surely noticed MATIC (polygon) soaring to new ATHs 7 months ago (2.44,) but more importantly 2 days ago it came within approximately 4 cents of all time high.
That says a lot about Polygon from a technical analysis of price action 👇👇👇
On December 3rd (before the flash crash) MATIC price was up 40 percent for the week. BTC on the other hand was down about 8 percent.. 😵
I am expecting Matic to follow the ascending pitchfork-channel, however I have also included a slightly descending pitchfork in the event market loses strength👎💪 come open of stocks on Monday.. 🆗📆
It is possible that we come down to test this liquidation capitulation zone once more before consolidating and forming a more structured trend reversal.😃⏬
Short fundamental dive:🌊☃
The network effect on MATIC is gaining traction through everything that is being built on top of it and its low transaction fees. On December 9th (4 days,) Polygon team will be hosting the ZK summit, ZK technology is said to be the solution to having completely encrypted transactions. This will add a lot of intrinsic value to Polygon network and MATIC. Before the announcement there was already a lot of hype around Polygon as it is known for its low transaction fees, a 2-layer scaling solution to Ethereum's current downfalls (high gas fees, slow transaction times.)
🛑Thank you so much, this is not advice! 🛑
Any thoughts 💭💡, questions 🙋♀️🙋♂️❓, good 👍, bad👎, happy 😄 or sad 😥, in the comments always welcome.
👽
Trade closed: target reached
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This could potentially be another setup for a price drop in MATIC.
We were able to achieve a new ATH even with BTC losing some strength.