MATIC - Strongest Looking Altcoin In Not The Strongest Market
Hello everyone, rouzwelt here
Well if you have been around crypto market for a while you've definitely heard about matic, one of layer 2 solutions for ETH network which actually is the best one at this moment and looks very promising with the value it adds to ETH network. And you've probably seen its price action and massive rally up from almost 1 cent to almost 3 dollars.
Right now market is not at its best form as we all know, we had a massive sell-off and if you want to look at it in an optimistic way at this point in time you may say we are recovering from that sell-off. Actually that can be case but it also can not. Let me say that when I look at alts, almost all of them look weak, most of them even those dead projects like ETH classic had massive rallies which is crazy and shows how much hype was in crypto market. But for Matic it looks a little different, at least to me. Unlike many other altcoins, Matic actually managed to hold critical 1 USD level for good, that indicates that it's a very interesting coin to many, and even at this stage there is demand for it which is good news, showing that if market starts to recover at this point matic would be one of those coins that has a great potential for explosion.
And now Let's get to the chart, In the screenshot below you can see I have demonstrated a massive triangle pattern forming, which price is now nearing to its end, if this structure manages to hold and not break-down, there could be test of higher levels again which would be giant bull-flag, one of which you see in crypto space playing out perfectly. But let me note here something, when I say manages to hold I mean If we don't see massive sell-off again in market and BTC The King holds its current position in the chart or head higher. I have projected the likely price action which may happen if this scenario plays out (green arrow). Also In macro picture we are able to see that volume have been increasing at rally up and now is decreasing as we are reaching to the end of triangle, which again shows us the strengths of buyers/demand for this coin and lack of enough sellers.
The important point here is we should be cautious if we want to swing trade this coin right now, cause market is not at its strongest form. But in my personal opinion if you have a plan to HODL this coin, the current price is good enough.
I'd like to see Matic holds its current price, a test of 0.9 - 1 USD is likely before the next leg up which would be great opportunity to ladder in, or maybe a more conservative approach can be entering at break-out of the triangle. Personally I'm waiting for one of those things to happen before jumping in.
I Hope this post is helpful, have fun and trade safe.
Well if you have been around crypto market for a while you've definitely heard about matic, one of layer 2 solutions for ETH network which actually is the best one at this moment and looks very promising with the value it adds to ETH network. And you've probably seen its price action and massive rally up from almost 1 cent to almost 3 dollars.
Right now market is not at its best form as we all know, we had a massive sell-off and if you want to look at it in an optimistic way at this point in time you may say we are recovering from that sell-off. Actually that can be case but it also can not. Let me say that when I look at alts, almost all of them look weak, most of them even those dead projects like ETH classic had massive rallies which is crazy and shows how much hype was in crypto market. But for Matic it looks a little different, at least to me. Unlike many other altcoins, Matic actually managed to hold critical 1 USD level for good, that indicates that it's a very interesting coin to many, and even at this stage there is demand for it which is good news, showing that if market starts to recover at this point matic would be one of those coins that has a great potential for explosion.
And now Let's get to the chart, In the screenshot below you can see I have demonstrated a massive triangle pattern forming, which price is now nearing to its end, if this structure manages to hold and not break-down, there could be test of higher levels again which would be giant bull-flag, one of which you see in crypto space playing out perfectly. But let me note here something, when I say manages to hold I mean If we don't see massive sell-off again in market and BTC The King holds its current position in the chart or head higher. I have projected the likely price action which may happen if this scenario plays out (green arrow). Also In macro picture we are able to see that volume have been increasing at rally up and now is decreasing as we are reaching to the end of triangle, which again shows us the strengths of buyers/demand for this coin and lack of enough sellers.
The important point here is we should be cautious if we want to swing trade this coin right now, cause market is not at its strongest form. But in my personal opinion if you have a plan to HODL this coin, the current price is good enough.
I'd like to see Matic holds its current price, a test of 0.9 - 1 USD is likely before the next leg up which would be great opportunity to ladder in, or maybe a more conservative approach can be entering at break-out of the triangle. Personally I'm waiting for one of those things to happen before jumping in.
I Hope this post is helpful, have fun and trade safe.
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