Polygon: Quo Vadis, Polygon?Polygon has to make a decision: Where will it go after skidding down to the $2 mark? There are two equally attractive possibilities, well almost: There is a 45% change that it could head back home and fall under its support line at $1.44. At this point, it should hole up even more deeply below $1 and take a holiday at the yellow beach strip between $0.328 and $0.620. However, we rather expect it to take heart and go for another option. Our favored scenario features Polygon in action, rising up until the resistance line at $2.899 and aiming for even higher goals from there.
So, our answer to the question “Quo vadis, Polygon?” is “Sursum!”
Polygoncrypto
Polygon (MATICUSD) has Nested 1-2,i-ii Elliott Wave SetupPolygon (MATICUSD) has a wonderful nested "1-2,i-ii" setup in place after our recent pullback. In other words, we have a larger 1-2 in place and now a smaller-degree 1-2 in place as well with the rally and pullback over the past month or so. However, there reason to be cautious as this smaller-degree 1-2 has extended beyond the standard expectation of hitting the 0.382-0.618 extension range. While this could very well indicate incredible extension potentials overhead for the remainder of our 3rd wave, the structure can just as easily be interpreted as a giant A-B-C corrective wave up for a larger-degree B-wave fakeout rally, which can easily drop us deeper than our low from this past summer! I will remain bullish until we break the primary 1.00 support however.
With this pullback, we may very well have our last window to deploy lump sums of cash into Polygon if you are trying to build your position. To those considering starting to dollar-cost-average (DCA) into Polygon (as well as all the cryptos in general), I would recommend possibly starting with a sizeable lump sum right away and then reducing your regular DCA purchases into the future. This would keep your cost-average lower as I expect the 3rd wave to really take-off (in other words, less buying at higher price levels).
If we can hold our immediate upside support of 1.23, we are still looking at logarithmic Wave 3 projections of 4.86 to 6.35 with 6.35 being a likely strong resistance. Wave 5 projects to 7.49 to 9.78 but with a strong likelihood of extending to the resistance level at 12.85 for an 8.5x return.
Finally, there is an outside shot that Polygon extends all the way up the major 0.618 extension level of 26.31 for a 17x return as our final top! But that will remain of low likelihood until we see strong extensions within the 3rd wave first. If history and fractal patterns serve as any indication, there's a solid chance of seeing a parabolic 3rd wave with this one!
As this top along with the top of most altcoins will coincide with the MAJOR top expected in BTC and ETH, we may experience a devastating crash across the entire crypto world afterwards. That would be a great time to take profits and reallocate into other asset classes or even Stablecoins, which are designed to hold a constant value in the face of crypto sector volatility (just like Money Market funds or Savings Bonds). But until then, we've got a very bullish outlook!
I use Elliott Wave analysis to project price levels for different assets and asset classes. EW is a form a technical analysis that is absolutely NOT based on fundamentals. Please be aware that this video is not intended to act as financial advice. I am not a trained or certified financial professional. You may invest based on a strategy tailored to your own skill and risk-tolerance levels.
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