MATIC Price Prediction: A 25% hike before a cliff dive

MATIC Price Prediction A 25% hike before a cliff dive
MATIC Price Prediction A 25% hike before a cliff dive

Disclaimer: The opinion expressed in this article is opinion only and should not be taken as financial advice. Coinmash has no involvement with any assets discussed and urges everyone to do their own research before making any financial decisions.

Quick Take

  • MATIC price has tested the 8-day exponential moving average and looks poised to rally higher.
  • The volume profile indicator shows a bearish presence amidst the recent decline.
  • Invalidation of the bullish thesis as a breach above the July 13 thrust candle at $0.58.

MATIC price could make a short-term move, but the technicals suggest this could be the final move up.

MATIC price could make a new interim high

Polygon’s MATIC price is worth keeping on your watch list if you are a countertrend trader. Since September 13, the smart contract token has lost 20% of its market value. Still, the technicals from the August 14 swing high into the low look more choppy and corrective than it does impulsive. Thus, a sweep-the-high event could take out overly confident bears in the market.

MATIC price currently auctions at $0.76. The bulls have hurdled the 8-day exponential moving average and are now attempting a breach through a descending parallel channel’s median line. The parallel channel surrounds the swing highs and lows since the August 14th high at $1.05 if market conditions persist.

MATIC USDT 4-Hour Chart 
MATIC USDT 4-Hour Chart 

MATIC price looks poised to reconquer the 21-day simple moving average at $0.80. A buyers frenzy targeting the September 14 swing high at $0.94 should not be ruled off the table under these circumstances.

Invalidation of the bullish countertrend depends on the July 13 thrust candle at $0.58 remaining unbreached. Traders should remember that this is a countertrend play that does not expect the Summer high at $1.05 to be breached. The volume profile confounds this idea as there is mostly a bearish presence within the unfolded waves.

After a clear impulse wave is printed north, the bears could flex their guns and target the $0.60 price level and beyond. Thus traders should keep stopping losses tight to avoid any sharp and unexpected liquidations. 

Disclaimer
All articles published on Coinmash are strictly for informational purposes only. Any action that is taken from reading content published on this website is done at your own risk. 

About the Author
Tony Montpeirous
Tony Montpeirous
Tony Monpeirous is a full time crypto trader and chart analyst at Coinmash and FXStreet. His style of trading includes, Elliot Wave, Auction Market Theory, and Classic Price Action techniques. When he is not on the screens, Tony enjoys music, cooking, and learning new skills.