Polygon Matic (MATIC) is a cryptocurrency that has been gaining traction in recent months, thanks to its scalability and low transaction fees. However, the recent market downturn has led to a decline in the price of MATIC, along with other cryptocurrencies.
In a recent video, Cheeky Crypto, a popular YouTube channel that provides cryptocurrency analysis, discusses the potential price movements of MATIC in the coming months. The video breaks down the analysis into three timeframes: one hour, one day, and one week.
One Hour Chart
On the one-hour chart, Cheeky Crypto highlights a retracement area between 57.0795 and 59.2115 after a previous downward move. He discusses the possibility of further upward or corrective movements.
One Day Chart
Long-term analysis on the daily chart predicts a potential drop to 44.58 or even as low as 35.99 for MATIC.
One Week Chart
The one-week chart analysis suggests that if MATIC breaks lower than 54.4045, it may undergo a corrective retracement, followed by another five-wave move to the downside.
The video also mentions the concept of “smart money,” which refers to large investors who have a significant impact on the market. Cheeky Crypto suggests that there may be a change in narrative from bullish to bearish around 54.3471, as this is where smart money is currently accumulating MATIC.
At the end of the video, Cheeky Crypto makes a controversial prediction about the possibility of MATIC reaching as low as 10 cents, expecting a new bear market low and emphasizes that this is just a prediction and that investors should always do their own research before making any investment decisions.
Overall, Cheeky Crypto’s analysis suggests that MATIC may be due for a corrective retracement in the coming weeks and months. However, he also acknowledges that the market is unpredictable and that investors should always be prepared for volatility.