MATIC/USD Cycle Analysis
Updated
Since late 2020, the MATIC price action has been consistent on the 30 day MA (Cyan band). From Dec 2020 to May 2021, the price has tested the support 6 times on the gray sine wave, and has tried the resistance 3 times, on the gray dashed sine wave; and stayed in this range for this period. From early March to late April, the price has consolidated in a 75% range from $0.35 to $0.55.
After the break-out from this range, on April 27, the action has continued between the second waves (white), except for a quick FOMO and correction incident on May 18 and 19th.
IF the bull run continues during the summer, we can expect a local top at $4.20 in late June, and consequently, a consolidation period between $2.40 and $4.20 till the end of summer. And for this cycle, the ultimate top target could be $15.
After the break-out from this range, on April 27, the action has continued between the second waves (white), except for a quick FOMO and correction incident on May 18 and 19th.
IF the bull run continues during the summer, we can expect a local top at $4.20 in late June, and consequently, a consolidation period between $2.40 and $4.20 till the end of summer. And for this cycle, the ultimate top target could be $15.
Note
The wave is breached. If the price doesn't go higher than the wave by next week, the pattern is moot.
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