Hey guys. Something different for you here. I've always been a fan of MATIC (POLYGON). Fundamentally, I think it is an excellent coin with a lot of potential.
It's been pretty dormant for a long while and just like DOT, I think it is overdue for a pump.
I do think a retest of the $1.75-$1.80 area is likely first as the MACD and RSI are both suggesting short term downside action. That's pretty much the case for the whole market right now.
Because MATIC is overdue for a pump, I feel like it will be able to hold the curved dotted yellow line on the chart and basically will head up near its previous ATH.
THIS IS A 50% GAIN from the retest area. After it reaches the ATH resistance area, It will likely pull back and consolidate for just a bit before breaking ATH's. Maybe a similar situation to BTC and ETH where it slightly breaks ATH and then consolidates. The 3.618 Fib level, which a lot of coins have been topping out at lately is JUST ABOVE the ATH so I could see it playing out like that. That's why you have to be careful trading breakouts.
Anyways this Is just a simple chart. Everything is pretty much explained or shown on it.
The green circle is where I personally would look to enter a trade. Sometimes the wicks here can be quite big so be careful.
I will update as usual.
Anyone new here feel free to check out my other published ideas. Please Like, Follow, and Share if you like this idea.
You can also find me on Twitter where I always post analysis but also some other things.
I appreciate everything. Take Care.
It's been pretty dormant for a long while and just like DOT, I think it is overdue for a pump.
I do think a retest of the $1.75-$1.80 area is likely first as the MACD and RSI are both suggesting short term downside action. That's pretty much the case for the whole market right now.
Because MATIC is overdue for a pump, I feel like it will be able to hold the curved dotted yellow line on the chart and basically will head up near its previous ATH.
THIS IS A 50% GAIN from the retest area. After it reaches the ATH resistance area, It will likely pull back and consolidate for just a bit before breaking ATH's. Maybe a similar situation to BTC and ETH where it slightly breaks ATH and then consolidates. The 3.618 Fib level, which a lot of coins have been topping out at lately is JUST ABOVE the ATH so I could see it playing out like that. That's why you have to be careful trading breakouts.
Anyways this Is just a simple chart. Everything is pretty much explained or shown on it.
The green circle is where I personally would look to enter a trade. Sometimes the wicks here can be quite big so be careful.
I will update as usual.
Anyone new here feel free to check out my other published ideas. Please Like, Follow, and Share if you like this idea.
You can also find me on Twitter where I always post analysis but also some other things.
I appreciate everything. Take Care.
Comment:
This idea is playing out well so far. We likely continue upwards as the green path line shows however the other possibility is that MATIC retests the support again before heading up higher. Either way the market is still BULLISH! It's important to watch the news for FUD though as it could come ANY DAY!
If MATIC breaks below the 1.76 area for more than just a quick wick then I would expect it to head down to the 20D EMA which is currently around $1.60 but will likely be around $1.60 - 1.65 depending on how quickly it drops... IF IT EVEN BREAKS THE FIRST SUPPORT AT ALL... There is an even chance it will (IMO) because it's heading down a little more sharp than I expected... Either way I personally expect a bounce at the 20D EMA if all else fails...