Elliott Wave Analysis for MATIC/USD (Polygon) 1W Time Frame Chart
The chart presents a detailed Elliott Wave analysis with corrective patterns, Fibonacci levels, and a long-term price projection.
MATIC is currently in a final corrective phase (Wave C of an ABC correction) within a descending channel.
A potential bottom formation near the 0.618–0.65 Fibonacci retracement level (~$0.19 - $0.22) suggests a possible trend reversal. (Strong support zone)
The RSI (Relative Strength Index) is in the oversold zone, indicating that selling pressure may be exhausting.
The previous bullish impulse (Wave (5)) ended around $2.75
This was followed by an WXY corrective multi zigzag, which appears to be reaching its final stage. The chart suggests that Wave (C) of the correction is nearing completion.
Bearish Scenario:
If the $0.19 - $0.22 support fails, further downside towards $0.10 - $0.05 is possible.
However, this scenario would likely require a broader crypto market downturn.
Conclusion: Potential Long-Term Trend Reversal
The current zone suggests a possible bottom formation, which could lead to a new bullish cycle.
A breakout above $0.42 - $0.50 with strong volume would confirm the trend reversal.
Traders might consider accumulation in this range with a stop-loss below $0.17.
Overall Outlook: Bullish mid-term outlook once the bottom is confirmed.
The chart presents a detailed Elliott Wave analysis with corrective patterns, Fibonacci levels, and a long-term price projection.
MATIC is currently in a final corrective phase (Wave C of an ABC correction) within a descending channel.
A potential bottom formation near the 0.618–0.65 Fibonacci retracement level (~$0.19 - $0.22) suggests a possible trend reversal. (Strong support zone)
The RSI (Relative Strength Index) is in the oversold zone, indicating that selling pressure may be exhausting.
The previous bullish impulse (Wave (5)) ended around $2.75
This was followed by an WXY corrective multi zigzag, which appears to be reaching its final stage. The chart suggests that Wave (C) of the correction is nearing completion.
Bearish Scenario:
If the $0.19 - $0.22 support fails, further downside towards $0.10 - $0.05 is possible.
However, this scenario would likely require a broader crypto market downturn.
Conclusion: Potential Long-Term Trend Reversal
The current zone suggests a possible bottom formation, which could lead to a new bullish cycle.
A breakout above $0.42 - $0.50 with strong volume would confirm the trend reversal.
Traders might consider accumulation in this range with a stop-loss below $0.17.
Overall Outlook: Bullish mid-term outlook once the bottom is confirmed.
Note
Target range hitTrade active
Trade ACTIVE
In technical analysis, several methods focus on higher timeframes to provide a broader, more reliable context for trading or investment decisions. Elliott Wave Principle generally considers historical higher timeframes as mandatory.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
In technical analysis, several methods focus on higher timeframes to provide a broader, more reliable context for trading or investment decisions. Elliott Wave Principle generally considers historical higher timeframes as mandatory.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.