MATICUSD Inverse Head & Shoulders can aim at 1.400!
The Matic Network (MATICUSD) made a strong green 1D candle yesterday, rebounding exactly on the 1D MA50 (blue trend-line). Being a Resistance since early April, Matic has turned the 1D MA50 into a Support and is holding it.
There is the Lower Highs trend-line involved since the December 27 High but the pattern that has been developed since the bottom, is a strong indication that this time the trend-line will break. The pattern is as you see an Inverse Head and Shoulders (IH&S), which is technically a bullish reversal pattern and can target as high as the 2.0 Fibonacci extension, which is exactly at 1.400. That is even higher than the 1D MA200 (orange trend-line) that rejected the price last time in late March/ early April.
In addition, the 1W RSI broke above its MA line for the first time in 2022, indicating that this bullish move can be sustainable this time.
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There is the Lower Highs trend-line involved since the December 27 High but the pattern that has been developed since the bottom, is a strong indication that this time the trend-line will break. The pattern is as you see an Inverse Head and Shoulders (IH&S), which is technically a bullish reversal pattern and can target as high as the 2.0 Fibonacci extension, which is exactly at 1.400. That is even higher than the 1D MA200 (orange trend-line) that rejected the price last time in late March/ early April.
In addition, the 1W RSI broke above its MA line for the first time in 2022, indicating that this bullish move can be sustainable this time.
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** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
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