MATIC ar putea fi pregătit pentru încă o creștere de 12%.

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MATIC seems to have been rewarded for its resilience at the 61.8% Fibonacci level. After traversing past a bearish setup, MATIC was well-positioned for a push towards $1.34. This would open a route to 5 September’s swing high of $1.80, provided buying pressure does not waver at important price levels.

At the time of writing, MATIC was trading at $1.21, up by 9% over the last 24 hours.

Diagrama MATIC de 4 ore

Sursa: MATIC / USD, TradingView

The last few weeks have been rough for MATIC. A sell-off initiated at $1.80 transpired into a 44% plummet in just two weeks. A few pushbacks were observed at the 50% Fibonacci level, but MATIC did not have the legs for a sustained push.

An emerging symmetrical triangle spelled more trouble and can be expected to play out as a continuation of MATIC’s downtrend. However, the golden Fibonacci retracement zone rose to the occasion. The 61.8% Fibonacci level rekindled buying pressure as MATIC broke north of its upper trendline.

A bit of selling pressure can be expected at 23 September’s swing high of $1.24. However, buyers can hit back at the 50% Fibonacci level, setting up an extended push towards $1.34. From there, MATIC’s journey from $1.34 to $1.51 would be a hard-fought battle due to a lot of sell interest.

Raţionament 

The Relative Strength Index highlighted a strong uptrend as MATIC pushed above its symmetrical triangle. However, a move into overbought territory would require stability before the next leg upwards. Meanwhile, the MACD’s recovery above its half-line can be expected to generate some more buying pressure.

Interestingly the Awesome Oscillator was a bit of a precursor to MATIC’s breakout. Bullish twin peaks were spotted on the index. This highlighted an incoming surge in buying pressure.

Concluzie 

MATIC can be expected to climb an additional 12% and test its ceiling at $1.34. While some selling pressure can be found at $1.24, traders can go long once MATIC shows signs of a reversal at the 50% Fibonacci level.

However, bullish traders must be cautious of a run back to the 61.8% Fibonacci level as this would expose MATIC to another shakedown.

Source: https://ambcrypto.com/could-matic-be-primed-for-another-12-hike/