MATIC will reward its holders soon
Since the previous upward rally of MATIC which started from 2 November, 2020 pushing the price from 0.012$ to 2.7$, MATIC has gone into a consolidation phase forming a Symmetrical Triangle for the past 25 weeks as shown in the picture below:
The 5 Triangle Waves (ABCDE) forming on the chart invalidated the previous Inverse Head and Shoulders pattern which was formed from 5th June - 4th September shown in the picture below because of Wave D.
We are currently in the triangular Wave E and it will most likely be followed by the breakout from the current triangle.
On Lower Time Frame, Cup and Handle pattern breakout can be observed and the good amount of volume upon breakout shows the confirmation of trend reversal. We are currently in the retest area of breakout and bullish movement is to be expected from here.
Combined with the Higher Time-Frame, MATIC has the potential to break upward of the current triangle and be ready for another upward rally. I would not be surprised if we see MATIC at its All time High in upcoming weeks as long as Bitcoin remains stable.
The 5 Triangle Waves (ABCDE) forming on the chart invalidated the previous Inverse Head and Shoulders pattern which was formed from 5th June - 4th September shown in the picture below because of Wave D.
We are currently in the triangular Wave E and it will most likely be followed by the breakout from the current triangle.
On Lower Time Frame, Cup and Handle pattern breakout can be observed and the good amount of volume upon breakout shows the confirmation of trend reversal. We are currently in the retest area of breakout and bullish movement is to be expected from here.
Combined with the Higher Time-Frame, MATIC has the potential to break upward of the current triangle and be ready for another upward rally. I would not be surprised if we see MATIC at its All time High in upcoming weeks as long as Bitcoin remains stable.
Comment:
Told ya, it will reward you if you hold it. Retraced to trendline support on log chart followed by breakout :)
Comment:
First target hit