MATIC Descending Channel

Updated

Polygon (MATIC) appears to be locked in a descending channel (maybe a scallop?). Based on volume and the weekend, I would expect this to continue downward until Monday at the earliest. Not much support as it pumped up so hard, so the downward price action could be substantial. Looks like some buying opportunities for those who want to DCA.

Note

Seems like MATIC is having a huge break out to the upside. It bounced off the 20 day once already. We will have to see if it gets rejected again and falls back within the channel or if it can continue breaking through to the upside.

Trade closed manually

MATIC broke out on the 4 hour chart and is trying to establish support at 1.35. We will see how the rest of the weekend plays out and go from there.

x0pher

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