MATIC/USD
Here is a closer look at this MATIC 1d Binance chart.
MATIC is in a massive Ascending Triangle Pattern on the 1 day chart. An Ascending Triangle Pattern is potentially a Bullish Continuation Pattern. The APEX of this Triangle Pattern is around July 2022. For your viewing pleasure, I have added various support and resistance lines within this Ascending Triangle.
At the moment, MATIC is ABOVE its Bollinger Bands Middle Band Basis 20 Period SMA for this 1 day timeframe. Note that the Upper and Lower Bands are converging inwards indicating volatility has slowed at the moment.
Note that MATIC is still above its Least Squares Moving Average (LSMA) for this 1 day timeframe.
MATIC is above its Volume Profile Fixed Range Point of Control (VPFR POC) for the Fixed Range of 11x daily candle that i have selected.
Note that MATIC is still above its Volume Profile Visible Range Point of Control (VPVR POC) for this charts Visible Range.
Note that Volume is still low on this Binance chart and note that the last 8x Volume Bars have been BELOW its Volume 20 Period MA.
Looking at the Average Direction Index (ADX DI) we can see that the Trend Strength is still strong but has lost some strength with the ADX (Orange Line) dropping slightly to 27.562 below its 9 Period EMA (Black Line) which is at 27.585. Note that Negative Momentum has dropped sharply with the -DI (Red Line) dropping to 26.771. Positive Mmentum has also dropped slightly but not as sharply with the +DI (Green Line) at 18.693. For sustainable upwards momentum to continue, we need the +DI (Green Line) to CROSS back ABOVE the -DI (Red Line) on this 1 day timeframe.
Looking at the Moving Average Convergence Divergence (MACD) we can see that momentum is upwards at the moment and the MACD Line (Blue Line) is still ABOVE its Signal Line (Orange Line) on this 1 day timeframe. Note that the MACD Line (Blue Line) has not been above the 0.0 Base Line in the Positive Zone since 7th Jan 2022 on this 1 day timeframe. Be on the lookout for when the MACD Line crosses back above the 0.0 Base Line into the Positive Zone.
Taking a quick look at the Relative Strength Index (RSI) we can see that momentum at the moment is slightly downwards. Not that the RSI (Purple Line) is still ABOVE its 9 Period EMA (Orange Line) which is a sign of upwards momentum strength at the moment. Be on the lookout just incase the RSI (Purple Line) drops more and crosses back below its 9 Period EMA (Orange Line).
MATIC needs to stay above the Bollinger Bands Middle Band Basis 20 Period SMA and the LSMA indicator for any longterm upwards momentum to be sustainable.
If BTC takes another nose dive and causes MATIC to drop downwards out of the Ascending Triangle Pattern then MATIC may drop to its VPVR POC around $0.83 so we need to keep an eye on what BTC is doing as BTC still controls the market direction.
If the Ascending Triangle Pattern stays valid, then MATIC may be in for a big move up to possibly well above $10 if it successfully breaks back above the Ascending Triangle Resistance line.
I hope this is helpful with your trading and hodl-ing.
MATIC is in a massive Ascending Triangle Pattern on the 1 day chart. An Ascending Triangle Pattern is potentially a Bullish Continuation Pattern. The APEX of this Triangle Pattern is around July 2022. For your viewing pleasure, I have added various support and resistance lines within this Ascending Triangle.
At the moment, MATIC is ABOVE its Bollinger Bands Middle Band Basis 20 Period SMA for this 1 day timeframe. Note that the Upper and Lower Bands are converging inwards indicating volatility has slowed at the moment.
Note that MATIC is still above its Least Squares Moving Average (LSMA) for this 1 day timeframe.
MATIC is above its Volume Profile Fixed Range Point of Control (VPFR POC) for the Fixed Range of 11x daily candle that i have selected.
Note that MATIC is still above its Volume Profile Visible Range Point of Control (VPVR POC) for this charts Visible Range.
Note that Volume is still low on this Binance chart and note that the last 8x Volume Bars have been BELOW its Volume 20 Period MA.
Looking at the Average Direction Index (ADX DI) we can see that the Trend Strength is still strong but has lost some strength with the ADX (Orange Line) dropping slightly to 27.562 below its 9 Period EMA (Black Line) which is at 27.585. Note that Negative Momentum has dropped sharply with the -DI (Red Line) dropping to 26.771. Positive Mmentum has also dropped slightly but not as sharply with the +DI (Green Line) at 18.693. For sustainable upwards momentum to continue, we need the +DI (Green Line) to CROSS back ABOVE the -DI (Red Line) on this 1 day timeframe.
Looking at the Moving Average Convergence Divergence (MACD) we can see that momentum is upwards at the moment and the MACD Line (Blue Line) is still ABOVE its Signal Line (Orange Line) on this 1 day timeframe. Note that the MACD Line (Blue Line) has not been above the 0.0 Base Line in the Positive Zone since 7th Jan 2022 on this 1 day timeframe. Be on the lookout for when the MACD Line crosses back above the 0.0 Base Line into the Positive Zone.
Taking a quick look at the Relative Strength Index (RSI) we can see that momentum at the moment is slightly downwards. Not that the RSI (Purple Line) is still ABOVE its 9 Period EMA (Orange Line) which is a sign of upwards momentum strength at the moment. Be on the lookout just incase the RSI (Purple Line) drops more and crosses back below its 9 Period EMA (Orange Line).
MATIC needs to stay above the Bollinger Bands Middle Band Basis 20 Period SMA and the LSMA indicator for any longterm upwards momentum to be sustainable.
If BTC takes another nose dive and causes MATIC to drop downwards out of the Ascending Triangle Pattern then MATIC may drop to its VPVR POC around $0.83 so we need to keep an eye on what BTC is doing as BTC still controls the market direction.
If the Ascending Triangle Pattern stays valid, then MATIC may be in for a big move up to possibly well above $10 if it successfully breaks back above the Ascending Triangle Resistance line.
I hope this is helpful with your trading and hodl-ing.
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