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MATIC analysis – the price bounced off key support. Where is the next target?

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MATIC was able to bounce back from the last local minimum, which tested the previous maximum and thus confirmed 123 bottom formation. Unlike BTC, which has still not confirmed its reverse pattern, MATIC’s price is climbing upwards in a growing trend. It even seems that the growing trend is not slowing down and continues. Where is the next target?

The price created the last minimum exactly at the previous point 2 and thus not only confirmed the reverse pattern, but even tested it. It’s about bull signal and the trend continues to grow. The next target we will be pursuing is around $ 1.88 because there is resistance and a local control point.

MATIC / USD 4HMATIC / USD 4H. Source: TradingView

MATIC remains in a long-term trend

Before the price overcomes the mentioned target, it is possible that it will also go to the sideway structure, after which it will eventually overcome this resistance. In the long run, the reverse pattern 123 bottom formation was created exactly at long-term support which accompanies the entire growing trend of Polygon.

MATIC is compared to many highcaps one step ahead and was able to create and validate a reverse pattern. Many alts have not yet been able to confirm this reverse pattern. RSI converges with the price chart and does not indicate overheating in the short term, so the trend may continue.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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