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.
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.
Trade closed: target reached
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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.