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Technical Analysis for MATUSD for 3rd November 2022

Polygon Explodes, MATIC Heading Back to $1?

Past Performance of MATIC

Polygon often tears higher, even outperforming the market whenever there is activity on Ethereum. However, in the current case, MATIC prices are reaping higher and expanding faster towards September 2022 highs from the middle BB. With a bullish engulfing bar and a spike in trading volumes, the odds of MATIC surging above $0.95 remains high; an opportunity for traders.

MATIC Technical Analysis

The path of least resistance has always been northwards, at least considering how MATIC performed in Q3 2022. The primary liquidation line is at $0.95, coinciding with September highs. With buyers in charge, every low might offer an entry with targets at $1, coinciding with August 2022 highs. Notably, the recoil of prices from the middle BB is with high trading volumes pointing to activity. Therefore, while conservative traders may wait for a clean break above $0.95, a follow-through may see MATIC easily float to $1.35, or Q1 2022 lows in a retest.

What to Expect from MATIC

MATIC found support at around the 50 percent Fibonacci retracement level, validating the current uptrend. After a protracted consolidation,there is an explosion in activity pointing to renewed confidence, an opportunity for MATIC bulls.

Resistance level to watch: $0.95

Support level to watch: $0.82

Disclaimer: Opinions expressed are not investment advice. Do your research.

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