FULL TECHNICAL ANALYSIS FOR CRYPTO PAIR MATICUSDTHello my wonderful community !
I’m back again
I really appreciate you guys for reviewing my charts
Kindly like and comment on how you feel the market will go , I’m open to learn and communicate with other hardworking traders on here.
The colors for each line/zone
Monthly - Yellow
Weekly - Orange
Daily - Green
4H - Red
1H - Purple
My Monthly chart view:
Ever since 2022, price has been in a downtrend by making Lower highs and Lower lows.
Price breaks a major Support area and turns it to a dynamic resisitance areas.
Take note as price is in a range and respecting the newly formed monthly resistance line (1.2300 ) and support line (0.3600) in yellow
My Weekly chart view:
Going into the weekly TimeFrame, it is truly clear that bears has been in full control of price from mid 2022 until last quarter of 2024,Price is currently not making lower lows and has been ranging
Last week price has reached a strong support area that has been respected for years after being in a downtrend for weeks
My Daily chart view:
Price is in a downtrend after breaking the daily dynamic S/R in green (0.7400) and has approached the Monthly resistance line in yellow.
Looking for buy setups as price has respected that monthly support zone for a stipulated period.
My 4H chart view:
As we move into the smaller timeframe of the 4H period, the market seems to be clearer as we can see another formation of a dynamic S/R zone in red (0.4350) which i will set as my target when we go down further
My 1H chart view:
So I’ll go down into a smaller 1H timeframe and look for buy Setups as bulls seems to be coming in slowing and the formation of an inverse heads and shoulders pattern
To play safe, for me to feel comfortable in capturing a buy setup ,I’m looking for the break of the neckline of the inverse heads and shoulders pattern , cross of the EMAs and volume of bulls coming into the market to put the odds in my favor.
Avoid entry of any trade during any major news that will affect price and this is not financial advise -
NEWSCHOOLTRADER
Polygonusdt
Polygon's MATIC transforms into POL: will POL rise back?A couple of days ago, the Polygon chain accomplished its much-awaited migration, wherein POL replaced MATIC as the native gas and staking token. While the newly launched POL is expected to play a crucial role in AggLayer, the community could decide to expand the utility of POL in subsequent phases. While the MATIC on the Polygon zkEVM will be automatically swapped to POL on a 1:1 basis, the tokens on Ethereum and other chains require a manual migration.
Meanwhile, the POL price remained stuck under $0.4 until the traders jumped in with a massive influx of buying volume. The POL price experienced a quick upswing after the volume soared. above $70 million, halting the ongoing descending trend. The technicals have turned in a bullish favour, which revives the possibility of reclaiming $0.5. The bulls are trying hard to materialize a parabolic recovery and a bullish close above $0.44 may keep up the probability of a bullish continuation for the next few days.
The price is trying to set a parabolic curve, which appears to be more likely as the RSI is ascending with the MACD close to undergoing a parabolic crossover. Besides, the steep rise in volume suggests an immense rise in the trader’s confidence. Therefore, the POL price is believed to maintain a steep upswing and rise above $0.57. However, the token may face a pullback before reaching the pivotal $0.6 zone, which may exhaust the selling pressure.
The upcoming quarter is believed to retain a strong bullish momentum within the markets and hence the POL price is also believed to demonstrate some strength. Therefore, as the market dynamics change, the token is expected to reclaim the $1 milestone, validating a move above the bearish influence. Although forming a new ATH remains a tedious job, the Polygon (MATIC) price or the POL price is believed to maintain a slow and steady upswing in the days ahead.
Will dormant wallets trigger MATIC uptrend?The MATIC market opened this year with a green candlestick. On the first day of the year, it closed at $1.0171. Later, for a short period, the market weakened. But in late January, the buyers of the market took control of the market. They took the price as high as $1.2711 in mid-March. Post that, the market situation overturned in favour of the sellers of the market. Post a sharp decline, the market emerged a sideways trend.
This month, on 16th, the buyers attempted to regain control of the market. They dominated the market for at least 9 consecutive days, taking the price from $0.4010 to $0.5716. For the last couple of days, the market saw consecutive red candlesticks, indicating the return of the selling pressure. It is important to see whether the mark of $0.4010 will act as a support or not.
In a recent X post, Santiment revealed about a surge in activity on Polygoin, with dormant wallets. There are chances that this increased activity would influence the price of MATIC positively. Often, a spike in activity leads to either a price reversal.
As conclusion, it is fair to say that something important is likely to happen in the MATIC market. The unexpected activation of dormant wallets can be seen as an early signal. Anyway, it is too early to make a market move based on what we know right now. It is better to wait until we see a clear signal in the chart.
Polygon (MATIC) grows amidst new token introduction. What's nextPolygon (MATIC) has been among the top five outliers on the daily and weekly price charts. Since last Friday, MATIC has risen by nearly 20%, while the rest of the market has remained sideways.
That’s not all though as in what is now a new update, Polygon will change its native token from ‘MATIC’ to ‘POL’ on 4 September. The exchange ratio will be 1:1 for MATIC to POL. According to the Polygon team, the transition aims to make POL the gas and staking token for the ecosystem. It could be expanded to cater to Polygon’s aggregation platform (AggLayer).
On the daily chart, MATIC was bullish as it mounted above the $0.42-level. Since 16 August (last Friday), MATIC has embarked on an extended recovery that netted almost 20% gains, at the time of writing. This reversed most of its August losses.
MATIC was trading at $0.47, at press time, and had to clear two key resistance levels to hit the supply area at $0.55. The immediate hurdles were at $0.49 and $0.51. Given the massive buying pressure shown by the RSI (Relative Strength Index) cruising above its average level, these targets could be hit.
At the same time, the Stochastic RSI was overheated as it was in the overbought territory. Hence, a cool-off couldn’t be overruled for MATIC’s rally. Also, the $0.46 and $0.42 levels were key short-term supports to consider if the rally cooled off.
So, MATIC’s extended recovery could face headwinds at $0.51 or $0.55, key resistance levels which could attract sell pressure.
POLYGON (Crypto) BUY TF H4 TP = 0.4564On the H4 chart the trend started on Aug. 05 (linear regression channel).
There is a high probability of profit taking. Possible take profit level is 0.4564
Using a trailing stop is also a good idea!
Please leave your feedback, your opinion. I am very interested in it. Thank you!
Good luck!
Regards, WeBelievelnTrading
$MATIC may do something like this#polygon #matic price has been declined from the trend line zone and may have bearish retest to confirm the further correction phase. Small bounces are always necessary. Not financial advice.
MATICUSD 1WMATIC ~ Updated
#MATIC Continue accumulating in this pattern.
The accumulation range is narrowing. It's only a matter of time that this pattern is successfully broken. Target is at least 20%+ for the short term
Polygon (MATIC) Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development
Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications.
the Matic price has recorded more than 10% gains in the last seven days despite the broader crypto market’s sluggish conditions plus matic has been gaining daily active addresses (DAA) during this bullish price action. DAA figures spiked by over 60% in the span of just a few days. Onchain data also highlighted that over the last seven days, new addresses jumped by 12% while active addresses noted a 19.98% uptick.
usdt pair looks good but btc pair looks even better and in short period of time matic can hit 0.9 , 1.1 , 1.3 and 1.5 dollar.
Reminder on MATICUSDThe large triangle is forming similar to the one prior to the 2021 breakout
I expect MATICUSD to melt faces post this triangle breakout
I have posted a chart like this before but it becomes more relevant everyday
BULLISH
Bullish on PolygonReason.
1. Monthly Flag Pattern & peanut pattern very easily identify
2. From 2021 Breakout so it's been a 3 years
3. ALT Season is bullish
4. W is making like HL & LH
You can enter now or you can wait till above close 1.32 & Above close candle for Entry
SL : if you enter at 1.32 is 1
Target i will update expected move 6000% Up. as pr past graph it could be 95$ but let's target with 5$ 1st and then we can do swing trade :)
Polygon Matic price is at the bottom of global consolidationDuring the recent correction of the crypto market, the price of #MATICUSDT fell quite a bit, as for an altcoin from the top 20
However, the aggressive buyback of CRYPTOCAP:MATIC started from the critical zone, and this is good. Perhaps it was around $0.60 that big money was ready to buy.
Whether this is true or not, we will soon find out, because if the price of the #Polygon token is to start its upward trend, it should not more allowed to fall below $0.60
_____________________
Did you like our analysis? Leave a comment, like, and follow to get more
MATICUSD 1WMATIC ~ 1W
#MATIC Continuing to maintain this pattern so far. Make purchases gradually within this pattern, with a target of at least 20%+
Polygon MATIC Intraday Trade SetupThe chart highlights breakout/rejection points, criteria, and targets to execute on the trade opportunity.
$MATIC 's chart looks bearish in mid term#MATIC #POLYGON 's long term bearish channel continues.Tried a fake out 1 month ago but the price 1.30 #usdt declined at top of the channel.With this weakening, retraces to mid of the channel is necessary, this means at least 1/2 of the price.If news emerge and break 1 #usd again, that is the invalidation of this scenario. Not financial advice.
MATIC - HOT ALT🔥, but Bearish SHORT TERM📉Hi Traders, Investors and Speculators of Charts📈
MATIC has been very profitable to us so far; watch my previous update HERE:
If you've been following, you'll know I'm fundamentally bullish on MATIC. And it gets better than fundamentals - you could possible see a low entry point soon!
Polygon is unique in that it's a blockchain platform designed to work with another blockchain platform. It improves Ethereum's scalability - which we all know if the biggest problem of ETH. ETH dApps can use Polygon's sidechains, thereby making it a functional and fundamentally great choice as an altcoin asset.
One of the exciting things about Polygon is the partnerships it has established. Many big brands are working with Polygon to launch their NFT projects. Current partners include:
✅ Walt Disney
✅ Starbucks
✅ Meta Platforms
✅ Nike
✅ Mercedes
✅ Google
✅ Adidas
✅ Adobe
✅ Mastercard
✅ Reddit
While it might not pump as hard as other altcoins, it's also far less likely to fail than smaller , newer cryptos with similar aims - and it still has plenty of room to grow. Its partnerships make it an interesting buy for those who are interested in a well diversified portfolio, containing assets with real-world use case and strong fundamentals.
_______________________
📢Follow us here on TradingView for daily updates📢
👍Hit like & Follow 👍
CryptoCheck
BINANCE:MATICUSDT
Completion of 2-year consolidation Polygon MATIC price is near!The MATICUSDT price now is in the liquidity zone, where it will be decided whether it is a winner or a loser.
In order to grow further, it is necessary to shake out "extra passengers" from long positions. In other words, a breakout of the Matic price below $0.73 should activate stop orders.
In such a trading situation, keeping a pending limit order in the range of $0.60-0.63 might be a good idea.
On the other hand, a similar trading pattern was already seen in the second half of 2022. Back then, "buyers" didn't let everyone who want to buy below the liquid zone, but pushed the MATICUSD price up from "the base" to update local highs.
What will happen this time? Write your thoughts in the comments.
Cryptolean Chainlink MATIC Update Polygon MATIC declined sharply to $1.01, the key daily support.
A bullish reversal from $1.01 is likely and will result in a bullish move to re-test $1.07 and the key daily resistance zone of $1.14-$1.20.
A bearish break-out of $1.01 will push #MATIC price in the daily range zone and will increase probability of a deeper correction towards the next support at $0.89.
Intraday Chart
The MATICUSDT 4-Hour chart is bearish and teasing the resistance at $1.07.
A bearish rejection of $1.07 will lead to $1.01 and lower to the key support zone of $0.86-$0.92, where I will be closely watching the MATIC price action, as the bullish rejection of this zone is possible.
A bullish break-out of $1.07 will lead to a re-test of $1.13 and, possibly, $1.19, however the price action may be slow and choppy.
Support once read!
Thank you.
Matic is forming a Harmonic Pattern.Polygon (Matic) is trying to form a harmonic pattern known as "three drives pattern" .
You can trade it by opening a long position first. Then set a %2 stop loss and short it.
For target points, check the chart please.
0.90 to 1.10 MATICAnalyzing the current market trends and technical indicators, my projection for #MATIC in the upcoming 2024 bull market is a price range between $0.90 and $1.10 USD.
This valuation is based on several key factors, including historical data, recent market performance, and the overall growth trajectory of the cryptocurrency sector. #MATIC's fundamentals, coupled with increasing adoption and technological advancements, suggest a strong potential for this price range to be achieved.
As always, it's crucial to monitor market dynamics closely, as cryptocurrencies can be volatile and subject to various external influences. This forecast considers both the potential market highs and the resilience of #MATIC in sustaining its value in a fluctuating market.
MATIC → Polygon Showing Reversal Signals? A Short Scalp is Near!MATIC (Polygon) is holding above the Daily 200EMA support and has yet to break it after making contact 5 times since breaking it. So why is a short scalp reasonable?
How do we trade this? 🤔
We have a few good reasons to be looking for a counter-trend trade; There have been several sell-offs in the $0.95-$1.10 range, a very strong sell-off at $1.10, the 200EMA support has been tested 5 times which adds to the probability it will be broken, and the RSI is at 50.00 and below the moving average.
These data points tell us it's time to start looking for counter-trend setups, but we cannot enter a trade until we see confirmation to enter. What we need is a final test of the $0.98 area to get a good entry around $0.93-$0.95. From there, we can short half of our position to the 200EMA ($0.79), take profits, move our stop loss up to our entry price, and then swing the rest of the position down to the Support Zone at $0.665.
Taking profits at the 200EMA is about a 1:1 Risk/Reward if our stop is placed just above the previous high at $1.11. That is a reasonable scalp, and the rest, being a bit lower probability of success, allows us to swing the second half of our position without the worry of losing money. We could repeat this approach until either the 200EMA Support breaks or the $1.10 high breaks and stops us out, which lets us know the upward momentum isn't done yet.
💡 Trade Idea 💡
Short Entry: $0.95
🟥 Stop Loss: $1.11
✅ Take Profit #1: $0.79
✅ Take Profit #2: $0.67
⚖️ Risk/Reward Ratio: 1:1.75
🔑 Key Takeaways 🔑
1. Several Sell Signals at Key Resistance area of $0.95 to $1.10
2. Strong Sell Signal After Hitting $1.10
3. Wait for One More Failed Attempt to break $0.95
4. Short a Sell Signal off of $0.95-$1.00 Price Area, Stop Loss above Previous High of
5. RSI at 50.00 and below Moving Average.
💰 Trading Tip 💰
It's reasonable to take half profits at the first support target in a short trade, or the first resistance target in a long trade. You can then move your stop loss up to your entry price and watch the rest of the trade execute without worry of losing money. This helps improve trading psychology and the equity in your account.
⚠️ Risk Warning! ⚠️
Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk!
Like 👍 and Follow to learn more about:
1. Reading price action
2. Chart analysis
3. Trade management
4. Trade psychology
Polygon MATIC is heading for its next bull runA bullish pennant on the weekly timeframe indicates a move upward. Considering the bullish momentum we could go up all the way to $16.
MATIC → Polygon Breaks Resistance! Should we Long or Short? MATIC has broken above the Previous Resistance Zone and is currently re-testing it as support. Is this a scenario where we enter a long? Or are we at the top ready to short?
How do we trade this? 🤔
We can play either scenario, but we need confirmation in one of the directions to have enough justifications to enter a trade. If the price comes back up and successfully tests the Support Zone, then it's reasonable to long scalp to the next Resistance Zone at $1.19. If we break below and re-test the Support Zone as resistance, it's reasonable to short scalp near the Support Line. Bitcoin is also at a crucial point in the market cycle, we need to see if it falls or breaks out to and above $46,000. Bitcoins direction could (and probably will) drag the alt market with it.
We need that confirmation to have enough probability to enter a trade. We're stuck in limbo without a clear direction at this point and should remain on the sidelines until more price actions prints on the screen.
💡 Trade Ideas 💡
Short Entry: $0.93
🟥 Stop Loss: $1.00
✅ Take Profit: $0.86
⚖️ Risk/Reward Ratio: 1:1
Long Entry: $1.065
🟥 Stop Loss: $0.970
✅ Take Profit: $1.160
⚖️ Risk/Reward Ratio: 1:1
🔑 Key Takeaways 🔑
1. Broke Above Previous High, Testing for Support.
2. If Price Falls Below Support Zone and Fails Re-test, Short.
3. If Price Rises Tests Support Zone and Closes, Long.
4. RSI around 61.00 and above Moving Average, Short-term Bias to Long.
5. Keep an eye on Bitcoins Price Movement as a leading indicator.
💰 Trading Tip 💰
Don't trade without clarity. If the price action isn't giving you favorable probability or optimal entries, don't trade it. You will be far wealthier by waiting on the sidelines.
⚠️ Risk Warning! ⚠️
Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk!
Like 👍 and comment if you found this analysis useful!