MATIC Price Prediction: The knife you'll want to catch
- MATIC price shows bearish and bullish divergence on intra-hour time frames.
- MATIC Price shows low volume amidst the current sell-off.
- Invalidation of the uptrend should remain at 0.54.
MATIC rice has been one of the best performers in the crypto space. The technicals suggest one more wave up towards $1.20 is a high probability, but a decline towards $0.69 remains in the cards.
MATIC price looks good
MATIC price currently hovers just above an 8-day moving average. Throughout July, the Ethereum collaboration token rallied nearly 130%. The initial forecast with a target of $1.20 remains; however, traders should expect a tug of war battle before smart money raises the price.
MATIC price shows low volume amidst the current sell-off as pricer auctions at $0.88. The bearish divergence witnessed on intrahour time frames confounds the idea of an additional drop targeting $0.70. However, bearish traders should be wary of placing an entry too soon as bullish divergence is forming to counteract the current profit-taking display.
MATIC/USDT 2-Hour Chart
An ideal knife catch scenario is a break into $0.70 followed by clear bullish signals on volume pattern, RSI and Auction Market theory.. Invalidation of the uptrend scenario targeting $1.20 remains at $0.54. Remember that a breach of $0.54 could induce a seller's frenzy targeting $0.36, resulting in a disastrous 60% decline from the current MATIC price.
In the following video, FXStreet analysts deep dive into the technicals and fundamentals of top Altcoins, analyzing key levels in the market
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
