Since late 2020, the MATIC price action has been consistent on the 30 day MA (Cyan band). From Dec 2020 to May 2021, the price has tested the support 6 times on the gray sine wave, and has tried the resistance 3 times, on the gray dashed sine wave; and stayed in this range for this period. From early March to late April, the price has consolidated in a 75% range from $0.35 to $0.55.
After the break-out from this range, on April 27, the action has continued between the second waves (white), except for a quick FOMO and correction incident on May 18 and 19th.
IF the bull run continues during the summer, we can expect a local top at $4.20 in late June, and consequently, a consolidation period between $2.40 and $4.20 till the end of summer. And for this cycle, the ultimate top target could be $15.
After the break-out from this range, on April 27, the action has continued between the second waves (white), except for a quick FOMO and correction incident on May 18 and 19th.
IF the bull run continues during the summer, we can expect a local top at $4.20 in late June, and consequently, a consolidation period between $2.40 and $4.20 till the end of summer. And for this cycle, the ultimate top target could be $15.
Comment:
The wave is breached. If the price doesn't go higher than the wave by next week, the pattern is moot.