Follow us on:


Cheeky Crypto: Polygon’s Matic Price Analysis and Market Outlook


JB delves into the recent price action of Polygon’s Matic (MATIC) and provides insights into its potential future trajectory. Join us as we analyze various chart patterns, technical indicators, and macro-level considerations to gain a comprehensive understanding of MATIC’s market outlook.

1-Hour Chart Analysis: Unveiling Bullish Momentum

Examining the 1-hour chart, we observe a clear five-wave move to the upside, culminating at a high of 74.6 USDT. This upward trend is further reinforced by the price retesting the 50 EMA and remaining above the 200 EMA, indicating persistent bullish sentiment.

The presence of a Weak High and Strong Low pattern suggests further upward movements, while the bullish change of character on the chart confirms the likelihood of a fifth wave to the upside. This wave could potentially target a range between 75.65 and 77.22 USDT.

Weekly Chart Analysis: Anticipating a Retracement

Shifting our focus to the weekly chart, we identify a five-wave move to the downside, suggesting an imminent retracement. This correction could potentially extend to a range of $87.99 to $136, potentially retesting the previous bear market low at 31.6 USDT.

Macro-Level Analysis: Gauging the Overall Market Trend

Zooming out to the macro level, the daily chart reveals another five-wave move to the downside, indicating further downward potential. Despite breaking the 200 EMA, the overall market trend suggests a continuation of the downward movement.

Anticipating a retracement between 71 and 83 USDT, we foresee a potential correction to the downside, targeting a range between 87 and $136.

Technical Indicators: Unveiling Hidden Trends

Analyzing the technical indicators, we observe that the weekly stochastic is overbought, while the daily stochastic is transitioning out of overbought territory. Volatility is starting to pick up, while volume remains relatively low. The RSI is trending upwards, suggesting a potential continuation of the upward movement.

Conclusion: A Balanced Perspective

Based on the comprehensive analysis of chart patterns, technical indicators, and macro-level considerations, we conclude that MATIC may continue its upward movement in the short term. However, we anticipate a correction to the downside in the long run.

As always, we encourage viewers to conduct their own research and prioritize safe trading practices. Share your thoughts and opinions in the comments section below and stay tuned for more insightful crypto analysis from Cheeky Crypto.

Call to Action

Subscribe to Cheeky Crypto’s channel for regular updates and insightful analysis of the cryptocurrency market. Stay informed, trade wisely, and have a great day!

Leave a comment

Your email address will not be published. Required fields are marked *