Will MATIC hold long-term Monthly uptrend!?
Updated
MATIC is one of few alts that has had a consistent upwards trajectory since being listed. The plotted uptrend was found on the Monthly TF although more detail can be observed by the Weekly TF. Since being listed MATIC has not had a Monthly or Weekly candle close below this trend-line but with only 2 days till the Monthly close and 4 days till the Weekly close it will be a tough ask for price to recover. Price is currently around 180sats and would need to rise and close at around 200sats within the next 2 days to stay above the uptrend on the Monthly TF.
It can also be seen on this TF that MATIC has two key Weekly Support/Resistances in 202sats and 164sats. Since forming the Weekly Support at 164sats a Weekly candle has never closed below it although it is being tested once again. If this level is lost then the bearish momentum may well cause price to test the Monthly Support of 80sats which in my opinion is a great buy area.
It can also be seen on this TF that MATIC has two key Weekly Support/Resistances in 202sats and 164sats. Since forming the Weekly Support at 164sats a Weekly candle has never closed below it although it is being tested once again. If this level is lost then the bearish momentum may well cause price to test the Monthly Support of 80sats which in my opinion is a great buy area.
Note
Both Monthly and Weekly candles closed below trend-line which is now invalid. Weekly Support of 164sats remains unbroken though.
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