Follow us on:

cc_icon

Polygon (MATIC) Price Action Analysis: Bear Market Continuation or Bullish Reversal?

Polygon MATIC: can MATIC PUMP 45,000%?
Polygon MATIC: can MATIC PUMP 45,000%?

Summary

Nick, a cryptocurrency analyst, discusses Polygon’s (MATIC) price action in his latest video, predicting a bear market continuation but also outlining potential bullish scenarios.

Facts

Nick analyzes Polygon’s price action on a macro level, considering its performance in the current bear market and potential future bullish market. He notes that Polygon experienced an initial low point in June 2022 at $0.316 paired with USDT. The price broke above the 50 SMA and 50 EMA but has since declined below the weekly 200 moving average and the 50 EMA. There is the potential for a death cross in the exponential moving averages (EMAs). The stochastic RSI indicates a high likelihood of further price corrections to the downside.

Nick also discusses Elliott Wave Theory, noting a five-wave impulsive drop followed by a corrective three-wave pattern. He predicts a potential further drop for Polygon (MATIC) with a target range between $0.1007 and $0.17. A double bottom scenario at $0.316 is a minimum expectation in this bear market.

Bullish Scenario

In a bullish scenario, Nick highlights a previous five-wave pattern from 2020-2021. He anticipates a three-wave correction followed by another five-wave impulse. The theoretical bullish targets range from $46 to $195, but he considers $12 a more conservative target. Key resistance levels include $4.44 and the previous all-time high.

Conclusion

Nick emphasizes that his analysis is for entertainment purposes and invites viewers to share their thoughts in the comments.

Leave a comment

Your email address will not be published.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