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MATIC faces pofit-taking and Polygon may find support at $1.75

  • MATIC maintains a majority of gains found in late October.
  • A slow down in momentum could be a slight pause as profit is taken.
  • Oscillators indicate that any retracement will have massive support to propel MATC higher.

MATIC price holds onto most of its most recent gains. The Tenkan-Sen has been tested as support for the past six trading days.

MATIC price action remains overwhelmingly bullish, but risks from selling pressure remain

MATIC price may find sellers in the form of profit-taking after reaching a new historical all-time highest weekly candlestick close. The closest support levels for MATIC on the daily Ichimoku chart are the Tenkan-Sen at $1.92 and the 61.8% Fibonacci expansion at $1.96. But MATIC may extend lower towards the Kijun-Sen.

The Kijun-Sen is at $1.69 and just below the 61.8% Fibonacci retracement at $1.74. Looking at the current daily chart with a long-term bullish bias, a return to the $1.70 value area would be ideal. It would be ideal because the Optex Bands will likely be in extreme oversold conditions while the Relative Strength Index tests 50 or 40 as support. If support holds between $1.70 and $1.75, then the next swing to target $3.00 will begin.

MATIC/USDT Daily Ichimoku Chart

The short side bias for MATIC price could easily be invalidated if buyers can push a daily close above the October 28th open of $2.14. Traders and investors may also wish to take notice of the Kumo Twist that occurs on November 24th – a warning sign that any strong trend into a Kumo twist may result in a pullback.

Author

Jonathan Morgan

Jonathan Morgan

Independent Analyst

Jonathan has been working as an Independent future, forex, and cryptocurrency trader and analyst for 8 years. He also has been writing for the past 5 years.

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