MATIC Price Prediction: The knife you'll want to catch

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.

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