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Crypto Hot News How MATIC traders can make the most out of this pattern’s break

Hot Crypto News Today How MATIC traders can make the most out of this pattern’s break You Must Read To Get More Information For Trading and Investment.

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.

MATIC’s bearish break below the $1-mark has exposed the alt to fresher multi-monthly lows over the past month. The recent patterned break has been struggling to topple the 23.6% Fibonacci resistance on the daily timeframe.

The broader liquidations aided sellers in pulling MATIC below the four-month trendline resistance (yellow, dashed). A close beyond the $0.398-$0.42 range is critical towards affirming decent bullish revival chances.

Because of the relatively high correlation with Bitcoin, the altcoin could see bullish invalidations. At press time, MATIC was trading at $0.396, up by 12.54% in the last 24 hours.

MATIC 4-hour Chart

Crypto Hot News How MATIC traders can make the most out of this pattern’s break

From a near-term perspective, MATIC saw a morning star setup after breaking out from the falling wedge (white). Whilst finding a close beyond the 20 EMA (red), the price action has been struggling to overturn the bounds of its 50 EMA (cyan).

A compelling close beyond the $0.4-level could aid near-term buying efforts to test the $0.45-zone in the coming sessions.  

MATIC Daily Chart

Crypto Hot News How MATIC traders can make the most out of this pattern’s break

Over a rather longer timeframe, MATIC is striving to break above the bonds of the 23.6% Fibonacci level. Any close above this level would expose the alt to an upside towards the 38.2% level and the four-month trendline resistance. Thus, the potential targets would lie in the $0.44-$0.49 range.

However, an analysis of the breakout day volumes revealed an unpleasant picture for the bulls. With decreasing trading volumes, the 24-hour gains could not depict a strong bull move.

Hence, reversals from the 23.6% level could lead to a retest of the $0.33-$0.35 14-month support range.

Crypto Hot News How MATIC traders can make the most out of this pattern’s break

The Relative Strength Index (RSI) found a close above the 31-mark support as the bulls endeavored to protect the alt’s long-term support. Sustained recovery from here would aid the buyers to ease the selling pressure in the coming days.

Post a bullish divergence on the CMF with the price, the buyers gained enough thrust to reject lower prices and test the 23.6%-level.

Conclusion  

Considering the bullish candlestick pattern on the H4 alongside the patterned break and CMF’s bullish divergence on the daily timeframe, ETH had chances to test the 38.2% level. The targets would remain the same as mentioned above. 

Any bullish invalidations should likely find a rebounding region in the $0.33-$0.35 range. Also, investors/traders must keep a close eye on Bitcoin’s movement as MATIC shares a whopping 98% 30-day correlation with the king coin.

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Written by thegamefi

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