MATIC is near resistance. What's next?

MATIC Analysis.


10/5/20221 min read

This is a MATIC idea.

MATIC pumped about 10% since yesterday and then got rejected by the static resistance area.

Two support levels are on the way down to help keep the price up. And two resistance levels on the way up are robust due to our channel's dynamic roof, which also acts as an extreme resistance.

We might see some short-term uptrend for MATIC, but I suggest holding on and not opening long positions because the market can decline when the price nears the dynamic resistance level.

We have two possible scenarios in front of us.

Scenario One:

The price will touch the support level and go back for a retest.

Scenario Two:

The price will continue sideways until it loses strength and falls on our lower support areas.

RSI is neutral, and the price has more room to go down or up.

Now let's see your ideas. Let's have a discussion.

Let me know if you guys have any questions;

I will be more than happy to help.

Good luck, and thank you.

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