TradeCityPro | MATIC(POL) Fresh Look at MATIC During Christmas👋 Welcome to TradeCityPro Channel!
Let’s analyze POL, formerly known as MATIC, due to your frequent requests. 😊
🌐 Overview Bitcoin
Before starting, let’s take a look at Bitcoin. In the 1-hour timeframe, it is currently fluctuating below the 98807 resistance. This resistance has been tested multiple times, indicating a high probability of breaking through.
It seems likely that Bitcoin dominance will increase along with this potential upward movement. Therefore, it might be better to either
Open a position on Bitcoin itself, Look for altcoins that show a bullish trend against Bitcoin and take triggers to open positions, Just make sure to watch out for Bitcoin’s low volume.
📅 Weekly Timeframe
MATIC, which once ranked well in the market, is now underperforming. The repeated blockchain hacks have caused significant damage to its ecosystem, leading to the rebranding from MATIC to POL.
MATIC could have remained among the top 10 coins, but poor project management caused DeFi activities and TVL to shift to platforms like Solana, SUI, and Base.
Personally, I wouldn’t consider buying MATIC unless its DeFi ecosystem becomes active again. For those interested in purchasing, buying above 0.7629 could be an option, but only if the volume increases for both the coin and its chain.
If you have been holding MATIC for some time, I suggest selling below 0.3636 in the weekly timeframe. On lower timeframes, I can suggest other exit points. Alternatively, you can use DeFi platforms to create USDT liquidity using borrow & lend mechanisms.
Note that MATIC faked the 0.3636 support and rebounded with a bullish engulfing candle, creating a new upward move. Personally, I might become interested in this coin after 1.2457.
🌞 Daily Timeframe
After bouncing from 0.2922, MATIC had a solid upward movement. However, most coins experienced similar trends, so it cannot be said that MATIC outperformed.
If the price doesn’t drop below 0.4738, it can be considered a sign of gradual recovery. This level is significant both from a Dow Theory and Fibonacci perspective. If 0.5794 resistance isn’t broken and the price gets rejected, there is a high probability of losing the 0.4738 support.
I recommend selling your holdings if the 0.4738 level breaks and you have purchased at higher levels. However, if your entry was at 0.3623 or lower, you can continue holding and exit risk-free.
⏰ 4-Hour Timeframe
MATIC is currently stuck below the 0.5316 resistance and fluctuates within the range of 0.4654 to 0.5316.
📈 Long Position Trigger
I would personally avoid this coin due to its low volume. However, after breaking 0.5316, you can open a risky long position if you’re comfortable with the risk. I’d still prefer to long Bitcoin instead.
📉 Short Position Trigger
given the weak condition of this coin, you can consider opening a short position below 0.4654. Keep in mind that your short trades should have quick profit-taking and small stop-losses to exit the market efficiently.
📝 Final Thoughts
Stay calm, trade wisely, and let's capture the market's best opportunities!
This analysis reflects our opinions and is not financial advice.
Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️
