Will MATIC hold support, or have the Bears taken control? Covered: A Harsh Rejection Highway To The Danger Zone Potential Price Targets The Long View A Harsh Rejection Earlier today, MATIC attempted a rally as the price pushed above both the 20 and 50 Day Simple Moving Averages (image below, yellow and green lines), before […] The post If Polygon MATIC Can Sustain Support Above $2 Dollars, This Happens… appeared first on CryptosRus.

If Polygon MATIC Can Sustain Support Above $2 Dollars, This Happens…

Will MATIC hold support, or have the Bears taken control?

Covered:

  • A Harsh Rejection
  • Highway To The Danger Zone
  • Potential Price Targets
  • The Long View

A Harsh Rejection

Earlier today, MATIC attempted a rally as the price pushed above both the 20 and 50 Day Simple Moving Averages (image below, yellow and green lines), before seeing a rejection back down below the two, leaving behind a bearish wick to the upside.

 

At the time of writing, it is trading near the low of the day, and looking like it might want to continue lower.

Highway To The Danger Zone

When we zoom into the one-hour chart, we find that MATIC is falling below the “neckline” of a “Head and Shoulders” pattern, but is currently getting a bounce off of the bottom of what could be called a support zone at $1.58 USD.

If this support zone does not hold, MATIC looks like it has room to fall.

Potential Price Targets

Believe you me, as a MATIC holder I don’t want to see it happen, but we need to be prepared for the worst.

Should this Head and Shoulders pattern play out, we can extrapolate a potential price target by measuring the length from the top of the “head” to the “neckline,” and moving it to the point of breakdown. Using this technique, the price target would be all the way down at $1.28

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I don’t necessarily think the price needs to fall that far, however, so I’ve taken the liberty of marking a few spots on the chart with horizontal lines where support could potentially come in, at $1.52, and $1.44.

 

 

The Long View

By zooming out on the daily view, what we can see is that MATIC has been trading in a consistent range between $1.02 and $1.98 since last May.  Any sustained rally above $2.00 would probably send the price up to test the current all time high at $2.89, and any break below $1.02 would potentially bring the $0.62 range into play.

 

 

Find today’s bitcoin analysis here.

The post If Polygon MATIC Can Sustain Support Above $2 Dollars, This Happens… appeared first on CryptosRus.