Elliott Wave Analysis

MATIC Hits Key Support: Elliott Wave AnalysisJul 12, 2022

Hello Crypto traders, Crypto market in general is still in downtrend, but we see MATIC moving at very deep strong support zone. This is actually key support level, from where we can expect bounce, recovery and potentially bullish reversal soon.

MATIC Weekly Chart
MATICUSD Weekly Chart

Well, despite current intraday drop in the Crypto market, MATIC is one few coins who is acting quite strongly. From Elliott wave perspective, we are actually looking for a completed weekly wave 4 correction. And, the main reason is a nice EW channel connection and same wavelength 2=4.

MATIC Daily Chart
MATICUSD Daily Chart

On a daily chart we can already see it trying to break above resistance line of a corrective channel after an Elliott wave three-wave (A)-(B)-(C) corrective decline. So, if we see a rally back to 1.3 level, then we can easily expect a bullish resumption back to all-time highs for wave 5.

Happy trading!
This article has been published exclusively on talkmarkets.com

Polkadot is still searching for the support. Check our chart HERE

DISCLAIMER

Any reviews, news, analysis, prices or other information contained on our website is provided as general market commentary and delivered electronically through a distribution channel to larger number of clients, therefore does not constitute investment advice or investment research. We are not trading advisors. Most of our work is for educational purposes only, with information based on Elliott Wave theory in real time. Trading forex, futures, options, stocks, cryptocurrenices or any another trading market carries a high level of risk, and may not be suitable for all investors.

The possibility exists that you could lose some or all of your initial investment; therefore you should not invest money that you cannot afford to lose. Our website and the information that we provide should not be relied upon as a substitute for extensive independent research before making your investment decisions. In no event will we be liable for any loss or damage on your account in connection with, the use of our products. For any real cash investments you have to contact your financial advisor.

Any information or material contained on our website is owned by Val Global d.o.o.. Reproduction is prohibited without Val Global d.o.o. prior license in writing.

By continuing to use the site, you agree to the use of cookies. Learn more.

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close