MATICUSDT Falling Wedge & Buillish Divergence
Updated
Matic has been trading in a downsloping consolidation for the past 2 weeks, ever since the coinbase hype pump. It has formed a falling wedge pattern and is now showing bullish divergence on 4H MACD and RSI. The volume on this sell-off since the pump has been quite weak, which indicates that a continuation of the bullish trend is likely if BTC remains strong. Also, the MATICBTC pair bounced off of a critical support line dating back to 2020.
Keep an eye out on this one!
Keep an eye out on this one!
Comment
Unfortunately, so far we have seen extremely weak follow-through on that 4h bullish divergence, especially since BTC has been strong. As you can see we have failed to break the 50MA resistance on the MATICBTC pair 7 times and until we break it with volume, further downside/consolidation is to be expected on MATIC. It seems that market participants don't have much interest in it at this point, as it's competitors are significantly outperforming it lately.
Comment
We broke the 50MA resistance on the BTC pair, however, we ran into a supply zone and got rejected hard and volume dropped off aftewards. Not expecting any upside until the supply zone has been broken and volume picks up. Right now it's looking weak
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