Market & Ticker: POLYGON - MATIC/USDT
Date: 16/02/2023
Horizon / Timing: Mid-term / 1 to 3 months
MATIC is progressing fast towards upside target after having reached and surpassed our target at 1,27 (Analyse from Jan 2023) – We adjust the tactical support at 1,18 to follow the rise in progress
Scenario:
At the current level, we expect a further bullish move toward 1,70 extensions (+16%) before a further extension towards 2,50 (+70%) as long as 1,18 remains a Tactical Support Valid (-19%).
Caution :
A pause below 1,70 before engaging the further recovery can’t be ignored, however the global picture remains bullish.
Technical Key Elements:
- The long-term trend analysis shows potential towards 2,50 (+70%) before 4,90 (+230%) as long as 0,73 (-50%) Strategic support remains valid in weekly close.
- The RSI indicator is in positive area and keeps upside potential – No divergence
- The Moving average crossed to the upside = Double golden cross confirming a strong bullish signal.
- The Fibonacci key support is adjusted at 1,18 as tactical support while the Elliot wave shows upside potential towards 1,70 and 2,50.
Trade Idea conclusion:
| Buy - Conviction |  | | | High |
Target 2: 2,50 (+70%)
Target 1: 1,70 (+16%)
Buy: add in dip area 1,40
Stop: 1,18 (-19%)
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
