MATIC/USDT Technical Analysis: Deciphering the Chart Setup
Bullish Bounce from Symmetrical Triangle
MATIC is currently trading around $0.65, bouncing from the $0.52 level, which aligns with the support of a symmetrical triangle on the daily chart. Symmetrical triangles often act as continuation patterns, implying a resumption of MATIC's uptrend within the triangle formation.
Favorable Higher Timeframe Structures
On the weekly chart, this symmetrical triangle takes the shape of a larger bull pennant, also a bullish continuation pattern. The confluence of positive structures on both the daily and weekly timeframes paints a promising picture for MATIC in the near term.
Measured Move Targets $1 Initially
The symmetrical triangle suggests an initial measured move target of around $1.00 if MATIC holds $0.50 Level.
Potential for $5+ in a Bull Market
Looking further ahead, if MATIC decisively breaks and holds above $1 on the weekly chart, the bullish structures project an extended move towards $5 initially, with the potential for $10 in a sustained crypto bull market.
Monitoring Key Support at $0.50
In case macro conditions deteriorate, it's essential to keep a close watch on the $0.50 support level. A breakdown below $0.50 would invalidate the bullish outlook and introduce downside risk towards $0.20.
