MATIC - 6h. We expect a test $1.75-1.85

24 May 2021

After the renewal of the all-time high on May 18 and the test of the mark of $2.7 , the MATICUSDT price began its correction. In fact, the MATIC market is correcting one week less than the BTC market and is now considered one of the strongest. Of course, during the massive fall in the entire crypto market, the MATICUSDT price was no exception. since May 19, the MATICUSD price has dropped by 70%. By the way, we warned about a sharp correction of this coin in our previous idea:

As you can see from the previous idea, the price reached the first strong level, from where buyers managed to organize a powerful rebound. In fact, MATIC bounced 100% in one day. This fact shows that the project is not only alive, but ready to fight for its place in the sun.

The main reason for such a sharp rebound was the successful breakdown of the sellers' trend line, which confidently kept the price from May 19:



In addition, on the hourly timeframe, we see that in the range of $0.87-0.94, buyers with the help of limit orders began to significantly slow down the downward wave. This fact is reminiscent of an aggressive set of positions. Therefore, we expect the further growth of the MATIC price with the first target in the range of $1.75-1.85. A powerful sales area has formed in this range. In fact, the loss of this range on May 19 caused a weekly wave of decline in the Matic market:



After the breakout of this range on large volumes, buyers immediately stopped behaving aggressively. Their latest attack is proof of this. Therefore, we are waiting for a test of the range of $1.75-1.85. Where do we expect the beginning of a new wave of decline to the range of $0.87-0.94. By holding this zone, buyers will prove their willingness to continue the growth wave. In addition, the main trend line of buyers is still under their control:


After completing these MATIC price movements, we will create a new idea.
_____________________
We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements.
Subscribe to us and get daily concise analytics!