Hey friends, hope you are well, and welcome to the new update on Matic Network.
Breakout from the triangle:
In my previous post, we have seen that the pricline of Matic was moving in a triangle, and based on some indicators we were expecting a breakout. Finally, the pricline has broken out the resistance of this pattern.
The previous idea before execution:
The previous idea after execution:
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Breaking out the $0.04 resistance:
In the long-term, the price line is moving between $0.012 to $0.04 support and resistance levels. At the moment, the price action of Matic is trying to break out the resistance. The stochastic is also strong bullish.
Big bullish Butterfly move:
With the Bitcoin pair, the price action of Matic Network has completed a big bullish Butterfly pattern on a long-term 2-week chart and moving up from the potential reversal zone of this pattern.
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Different support and resistance levels and indicators:
With the Bitcoin pair on the weekly chart, the price action has been bounced from 0.00000049 btc support and moving towards the next resistance at 0.00000130 btc. The RSI is moving up from the oversold zone and the stochastic has also given bull cross from the oversold area and the MACD has turned strong bullish.
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Conclusion:
Even though with the US Dollar pair, the price action of Matic Network is struggling at the strong resistance of $0.04. But with Bitcoin pair, it has completed a very big bullish setup. Therefore, it is possible that when the priceline will start a massive rally in the Bitcoin market then it will also break out of the $0.04 resistance as well.
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