MaticUSD (Polygon) Analysis

25 de mai. de 2023

After the massive sell-off from December 2021 to June 2022, Matic has been consolidating. At the moment, we see a rising expanding triangle has formed. Price is currently trading at triangle support and a bear flag is also in the making. Just above price is a critical horizontal S/R level at about $0.95. Both rising expanding triangles and bear flags insinuate a possible bearish continuation. If this continues downward, there is a possibility that it may retest the previous swing low around $0.325. On the other hand, if triangle support continues to hold and price makes it's way convincingly above the $0.95 area, then we could see $1.25 and then possibly triangle resistance yet again. I'm not long or short at the moment, but will be keeping a close eye on this instrument.