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$MATIC - geating ready to break the trend 💣
After reaching a 6-month high near the $1.00 mark, the price of $MATIC entered a correction phase - this local movement can be represented by a descending trend line, and we see price compression below it.
Now, $MATIC encountered a strong reversal level at the 0.236 Fib ($0.7229). Here, we observe increased open interest, with sellers have failed to establish a foothold below it for the second time.
The stablecoin inflow indicator, coupled with the technical picture, signals an imminent increase in trading volume in an attempt to break the descending trend.
A move above this resistance with a confident consolidation will confirm the entry into a recovery phase.
🧑🏻💻 I've allocated 6% of my deposit to #MATIC🔥🔥 . Targets for this trade are marked on the chart.
After reaching a 6-month high near the $1.00 mark, the price of $MATIC entered a correction phase - this local movement can be represented by a descending trend line, and we see price compression below it.
Now, $MATIC encountered a strong reversal level at the 0.236 Fib ($0.7229). Here, we observe increased open interest, with sellers have failed to establish a foothold below it for the second time.
The stablecoin inflow indicator, coupled with the technical picture, signals an imminent increase in trading volume in an attempt to break the descending trend.
A move above this resistance with a confident consolidation will confirm the entry into a recovery phase.
🧑🏻💻 I've allocated 6% of my deposit to #MATIC🔥🔥 . Targets for this trade are marked on the chart.
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