MATIC recovery underway towards 1,70

MATIC MARKET_MINDS BULLISH

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:
:médaille:
:médaille:
(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) 


 

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