Matic reached a new all-time high recently. What’s next?
- How MATIC Has Performed Recently
- MATIC Charts (W,D)
- What to Anticipate From Here
MATIC Has Performed Well Recently Compared to the Overall Crypto Market
MATIC has been one of the top-performing cryptos in terms of percentage gains in 2021. Its 1-year percent gain as of today is 15000% and this weekend it has reached a new all-time high.
When a security hits a new high, you will see or hear from:
- Those who think that this is the top to sell or sell-short
2. Those who think that this is the beginning of a new price floor to buy or buy more.
So can it really run for more? While there is no guarantee in the market but an uptrend with momentum like this tends to follow the path of least resistance.
MATIC’s weekly chart shows a good uptrend structure shown by its structured moving averages with an upward bias. Notice that MATIC has been making a series of higher bases.
The momentum oscillator shows that fast momentum (yellow) is entering the overbought zone (above the upper white line). The squeeze indicator shows that its weekly low-compression (black) squeeze is firing and turning into a price range expansion (green).
The daily chart shows a breakout to the upside above its all-time high but it still needs more time to prove that it’s not a false breakout.
Moving averages are showing a good uptrend structure. Momentum is also bullish as shown by the momentum oscillator with the fast momentum (yellow) above the slow momentum (red) in the upper half (bullish zone).
The squeeze indicator shows that the low-compression squeeze is firing and is now in the price range expansion (green). If this is going to be a true breakout, it’s going to show a high amount of volume. Let’s see how it unfolds from here.
Only time will tell but MATIC has the structure and bullish momentum. MATIC was among the first cryptocurrencies to dust off the recent sell-off in the crypto market earlier this month and recovered its momentum and price structure within days.
If the entire crypto market picks up more buyers, MATIC will likely outperform the overall market to the upside.
Key Technical Levels
- Support Zone: 2.05 – 2.22
- Support Zone:1.82 – 1.97
- Target 1(Already Met): 2.8
- Target 2: 3.1
- Target 3: 3.38
- Target 4: 4.12
- Target 5: 6.29
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