MATIC/USDT - Daily chart
The price of MATIC is experiencing steady growth for the last 5 months.
The pace of price growth is dictated with the blue ascending channel, whose support and resistance lines are precisely defined and well respected.
1st scenario: Price can breakout in upward dirrection from drawn channel and shifts in the higher gear of growth. We recommend waiting a bit and seeing if the breakout is confirmed with the daily candle closed out of the channel. After that, wait for the price to retrace back to the trend line and confirm that previous resistance is new support, in such scenario place a long order with the target at 3.34$ and Stop loss slightly below the trend line.
2nd scenario: In the case of another rejection of the resistance line, we might see a pullback down to 1.9$. This is quite likely scenario on weekly chart, since we're having strong support line at this price level that hasn't been tested jet.
The price of MATIC is experiencing steady growth for the last 5 months.
The pace of price growth is dictated with the blue ascending channel, whose support and resistance lines are precisely defined and well respected.
1st scenario: Price can breakout in upward dirrection from drawn channel and shifts in the higher gear of growth. We recommend waiting a bit and seeing if the breakout is confirmed with the daily candle closed out of the channel. After that, wait for the price to retrace back to the trend line and confirm that previous resistance is new support, in such scenario place a long order with the target at 3.34$ and Stop loss slightly below the trend line.
2nd scenario: In the case of another rejection of the resistance line, we might see a pullback down to 1.9$. This is quite likely scenario on weekly chart, since we're having strong support line at this price level that hasn't been tested jet.