Market & Ticker: POLYGON - MATIC/USDT
Date: 02/02/2023
Horizon / Timing: Mid-term / 1 to 3 months
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Titre: MATIC recovery underway towards 1,70
MATIC is on track towards 1,70 with the recent bullish element confirmed.
Scenario:
At the current level, we expect a further bullish move toward 1,27 extensions (+3,5%) before a further extension towards 1,70 (+38%). A pause below 1,27 before engaging the further recovery can’t be ignored, however the global picture remains bullish.
Technical Key Elements:
- The long-term trend analysis shows potential towards 2,50 (+100%) before 4,90 (+300%) as long as 0,54 (-56%) Strategic support remains valid in weekly close.
- The RSI indicator is in positive area and keeps upside potential – No divergence
- The Moving average crossed to the upside = Double golden cross confirming a strong bullish signal.
- The Fibonacci key support is adjusted at 0,90 as tactical support while the Elliot wave shows upside potential towards 1,70.
| Trade Idea conclusion: Buy - Conviction: |  | | (Normal) |
Target 3: 2,50 (+100%)
Target 2: 1,70 (+38%)
Target 1: 1,27 (+3,5%)
Buy: add in dip area 1,14-1,20
Stop: 0,90 (-26%)
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
