MATIC - The one token to avoid in 2024

Last year I wrote the idea:

“MATIC - The one token not to hold in 2023”

It was not a popular opinion. Link to idea below. At the time price action was at 97 cents. Down 13% currently in what was arguably one of the most bullish years for markets those past 30 years.

What of 2024? Nothing good. A weekly death cross is almost certainly going to print by the month of February.

A weekly death cross does not mean price action shall correct immediately, however it is a strong indication of a continuing trend.

At the same time a bearish divergence can be seen as price action appears to recover broken market structure. The 3-day chart below shows this divergence more clearly.

Is it possible price action continues upwards and onwards? Sure.
Is it probable? No

Ww

3-day chart negative divergence

Trade active:

MATIC longs may believe price action is about to repeat 2021, however the chart is simply not supporting such an outcome.

On the monthly MATIC.btc pair price action has confirmed resistance on past support with a bearish engulfing candle.

Monthly

Comment:

A weekly death cross prints