Got It! Polygon's MATIC price rallies 30% since our last call, here's what could happen next
- MATIC price has rallied 30% since last week's bullish trade setup.
- Polygon's MATIC price shows an influx of bullsh transactions on the Volume Profile Indicator.
- Invalidalidation of uptrend can be moved into profit at $0.54
Polygon's MATIC price continues to rally, a $1.00 target is still possible. However, profit-taking is to be expected.
MATIC price follows suit
MATIC price continues to outperform other cryptocurrencies in the space. It was mentioned in last week's bullish thesis that a 90% rally targeting $1.00 could ensue based on the subtle bullish technicals. On July 14, the bulls have already tackled 30% of the trajectory after breaching a previous triangular apex. Traders participating in the bullish trade setup are already up four times their risk.Thus, a profit-taking consolidation will be unsurprising.
MATIC price currently trades at $0.66. The bulls have printed consecutive bullish engulfing candle sticks on the 8-hour chart. The Volume Profile indicator suggests a continuation of the uptrend is imminent as a classic ramping pattern has been established. Key levels to consider taking profit are at $0.70 and potentially $0.75.
Invalidation of the uptrend targeting $1.00 can be moved into profit from $0.48 to $0.54. If $0.54 were to get breached, the bears could reconquer the trend and target $0.33, resulting in a 50% decrease from the current MATIC price.
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
