Polygon’s Matic has been making impressive moves in recent weeks, testing retracement areas on the weekly timeframe while finding support on the daily timeframe with SMAs and EMAs, particularly on the 4-hour timeframe.
Trade Entry and Analysis
Following a successful trade entry on November 29 with an 11.3% push to the upside, the price action analysis for Matic reveals an impulsive move structure, suggesting the potential for another impulsive push to the upside. This is evident in the 4-hour timeframe wave pattern analysis, where Wave 1, Wave 2, and ongoing Wave 3 are identified, along with the possible targets for the current wave.
Daily Chart Overview
The daily chart shows a retracement, with the stochastic indicator suggesting a potential correction to the downside. Matic has lost the 50 EMA and is testing the 50 SMA, which are crucial levels for bulls and bears.
Long-Term Outlook and Trading Strategy
The weekly close position analysis shows potential struggles between bulls and bears, and the stochastic on the daily chart indicates room for a downside correction. There is speculation about a possible retest of the bear market low. To navigate this volatile market, cautious trading is essential, with tight stop-loss and prudent risk management. The success of Discord members and the overall positive sentiment provide encouragement.
Conclusion and Call to Action
Despite the potential for a correction, the outlook for Matic remains optimistic, and Discord members’ success is acknowledged. Staying informed, trading safely, and engaging with the content are encouraged for continued success in the cryptocurrency market.