|

Polygon’s MATIC is due for a massive uptrend unless this happens

  • MATIC price bounced above a key Fibonacci retracement level.
  • Polygon price could rally towards $1.00 if a second attempt at $0.54 occurs.
  • Invalidation of the bullish trend is now a breach below the ascending trend line at at $0.48.

Polygon’s MATIC price continues to display optimistic signals. Being an early bull is justifiable as the invalidation level is clear.

MATIC price is a buy

Polygon’s Matic price could rally towards $1.00 in the coming days. From June 18 to June 24, the bulls accomplished a 90% rally. A pullback occurred, and it was mentioned in the previous thesis that a break below the 61.8% Fibonacci retracement level would be a good signal for bulls to exit the market. On June 30, MATIC price witnessed the anticipated sell-off which printed a low at $0.418, just above the 61.8% Fib. support at $0.411. 

MATIC price then printed a higher low above the 50% Fibonacci retracement level at $0.440 on June 30, followed by a 20% rally into the swing high at $0.535 on July 5. Classic price action traders will likely collide a trend line from the June 18 lows at $0.316 into the newly established lows above the Fibonacci levels as a valid indicator of the uptrend's strength. If market conditions are genuinely bullish, an additional retest of the trend line will not be necessary. A second attempt from the bulls to breach the $0.540 level should be the catalyst to induce a bull rally targeting $1.00.

TM/MATIC/7/6/22

MATIC/USDT 4-Hour Chart

MATIC price currently trades at $0.518. Invalidation of the uptrend is a breach below the newly-established ascending trendline currently positioned at $0.480. However, if the bears can breach this level, expect a second decline to $0.360, resulting in a 30% decrease from the current MATIC price. 
 

Author

Tony M.

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.

More from Tony M.
Share:

Editor's Picks

XRP defends $1.30 support as Ripple partners with Arf to bring RLUSD settlement liquidity to XRPL

Ripple holds near recently confirmed support at $1.30 on Friday, as bulls eye a short-term recovery toward $1.40. The remittance token’s upside remains capped by structural levels, suggesting recovery would depend on whether buyers can sustain momentum.

Bitcoin Weekly Forecast: BTC extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot ETFs recording $442.67 million in net inflows through Thursday.

Crypto Today: Bitcoin holds the 50-day EMA as Ethereum and XRP face structural resistance

Bitcoin gradually ticks up on Friday, trading above $81,000. The Crypto King has recently defended structural support near $80,000, reinforcing the prevailing bullish outlook. Ethereum similarly edges higher above $2,400, while Ripple trades above $1.32 after testing support around $1.30.

Pi Network holds modest gains as mixed technicals curb upside

Pi Network (PI) price is up 2% on Friday, showing signs of recovery while the broader cryptocurrency market faces near-term weakness. The crypto market sentiment eases to neutral from bullish amid rising long liquidations.

Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot Exchange Traded Funds recording $442.67 million in net inflows through Thursday.