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Polygon Matic Price Analysis: Relief Rally or Further Downside?

Is POLYGON MATIC Ready To PUMP?!
Is POLYGON MATIC Ready To PUMP?!

Summary

JB from Cheeky Crypto Uncensored discusses Polygon’s Matic token and its price movements on different time frames. He explores potential support and resistance levels and considers the possibility of a relief rally.

Facts

Analysis

JB begins his analysis by looking at the daily chart for Matic. He notes that the price has recently broken below a key support level at 0.618 Fibonacci, which could indicate further downside. However, he also notes that there is a potential support level at 0.5 Fibonacci, which could lead to a relief rally.

To get a better understanding of the potential price movements, JB then looks at the weekly chart for Matic. He notes that the price has formed an ABC wave pattern, which is a common reversal pattern. He believes that the current wave C could be the final wave of the pattern, which could lead to a significant upside reversal.

JB then goes on to discuss some smart money concepts and indicators that he uses to support his analysis. He mentions the exponential moving averages (EMAs) and the stochastic RSI. He believes that these indicators suggest that Matic is currently oversold and could be due for a rebound.

Potential Price Targets

JB believes that Matic could experience a relief rally in the short term. He has identified a potential price target of 0.618 Fibonacci, which is around $0.78. However, he also warns that if Matic breaks below the critical level of 49.73 C, it could lead to further downside.

Long-Term Outlook

JB believes that Matic has the potential to be a long-term winner. He points to the strong fundamentals of the Polygon project and the growing adoption of its technology. He believes that Matic could reach a price of $1.00 or more in the next 12-18 months.

Conclusion

JB’s analysis suggests that Matic is currently oversold and could be due for a rebound. He has identified a potential price target of 0.618 Fibonacci, which is around $0.78. However, he also warns that if Matic breaks below the critical level of 49.73 C, it could lead to further downside.

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