MATIC on its way back to earth
Updated
The price has broken below the descending triangle, signaling a bearish trend with a target of $0.369. If BTC retraces to its 15k low, MATIC could potentially drop to $0.25 or lower.
With regard to the BTC-pair
The price is at a critical level, and if this level of 2000 sats can't be held, the price will likely get down to 1700 sats! It is, therefore, prudent to keep an eye on the 2000 sats level, as it will play a vital role in dictating the price direction in the upcoming months!
The overall altcoin market is not looking strong. Regardless of the direction of BTC, the BTC dominance is expected to go up, and altcoins won't perform well against BTC.
With regard to the BTC-pair
The price is at a critical level, and if this level of 2000 sats can't be held, the price will likely get down to 1700 sats! It is, therefore, prudent to keep an eye on the 2000 sats level, as it will play a vital role in dictating the price direction in the upcoming months!
The overall altcoin market is not looking strong. Regardless of the direction of BTC, the BTC dominance is expected to go up, and altcoins won't perform well against BTC.
Note
Note
Based on current market sentiment, it appears that a downturn is on the horizon. This could result in revisiting prior lows (15k-16k) or even reaching new lows within the range of 10k-13k. However, after this decline, there is a good chance that the market will shift towards a bullish phase. My prediction is that BTC will reach its lowest point within the next six months, but recovery is expected by Summer 2024. It is recommended to have a strategy in place for this potential downturn.
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