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Navigating the Waves: A Technical Analysis of Polygon Matic


Cheeky Crypto Unveils Insights into Polygon Matic’s Price Trajectory

Delving into the intricacies of Polygon Matic’s price movements, Cheeky Crypto, a renowned cryptocurrency analysis platform, sheds light on the potential direction of this popular altcoin. Employing a multifaceted approach encompassing 1-hour, 1-day, and 1-week time frames, Cheeky Crypto’s technical analysis unveils crucial insights for MATIC enthusiasts.

Recent Price Movements and Elliott Wave Theory

Polygon Matic recently experienced a surge to 54.5 cents, followed by a sharp decline. This pattern aligns with the Elliott Wave Theory, suggesting a potential bearish phase. The smart money concept further reinforces this notion, indicating a bearish sentiment among major investors.

Overbought Signals and EMA/SMA Analysis

Both 1-hour and 4-hour time frames reveal overbought signals for Polygon Matic. Examining the EMA (Exponential Moving Average) and SMA (Simple Moving Average) on the 1-hour time frame, Cheeky Crypto anticipates a downward price movement, targeting a range of 47.56 to 48.4 cents. A three-wave movement is also a possibility.

Daily and Weekly Time Frame Analysis: Bearish Indicators and Potential Drop

The daily time frame analysis echoes the bearish sentiment, with indicators pointing towards a potential fifth wave down to 35.9 to 44.58 cents. On the weekly time frame, a death cross is anticipated, which could trigger a significant drop to 10 cents.

Cautionary Outlook and Potential Double Bottom

Despite the overall bearish outlook, Cheeky Crypto highlights the possibility of a double bottom formation, which could signal a potential reversal. However, caution is advised, as the overall trend remains bearish.

Recap and Closing Thoughts

Cheeky Crypto’s in-depth technical analysis provides valuable insights into Polygon Matic’s potential price trajectory. While the overall outlook is bearish, the possibility of a double bottom formation offers a glimmer of hope for MATIC enthusiasts. Stay tuned for further updates and analysis from Cheeky Crypto.

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