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FieryTrading
Jun 17, 2023 11:07 AM

🔥 MATIC Found Support At An Ancient Trendline 

MATIC Network / TetherUSBinance

Description

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MATC has been one of the weaker major tokens of the last couple of weeks. During this week's sell-off, MATIC moved all the way towards an ancient support line which has been established at the start of the previous bull-market.

This, combined with the 3D RSI being severely oversold, makes me believe it's more likely than not that we're going to see some kind of bounce in the near future.

For an optimal risk-reward, I'm looking at the current ATH value as the profit target. A less risky bet would be to target 1.00 or 1.50, with a stop below the most recent local low.
Comments
BlackBirdTrading
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Hi,

On one day it look scary conversion to resistance:

But from this perspective maybe some support:
CobraVanguard
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I like you're idea
markjordan_23
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what about ICP pls
omidji25
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Thanks for sharing. Please do an analysis about luna 2 if you can.
ibtstu
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What do you mean in the second paragraph?
FieryTrading
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@ibtstu, 1 MATIC hit the support
2 MATIC's RSI is severely oversold
Both combined make it more likely that a reversal will indeed occur
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