My original MATIC short idea was in this range between $0.735 and $0.75 (red zone), which I did take.
MATIC had some bullish news with XRP winning the lawsuit, all other ALTS being targeted by the SEC had significant pumps. MATIC climbed up to $0.89 and I added some more shorts for my personal portfolio there.
For now MATIC is showing a lot of bearishness, and the SEC is providing FUD to help drive the price down lower.
The white trendline was acting as support, and this support line broke.
The orange trendline is acting as resistance that is suppressing MATIC’s price and pushing price lower.
Target Prices for closing out the short:
TP 1
I have the yellow trendline as a key short term price target around $0.55 to $0.57 depending on when we reach the trendline.
TP 2
My longer term price target is $0.3136
TP 3
If things go really bad with the SEC lawsuit, I can see MATIC ranking really low to around 10 cent price levels.
MATIC had some bullish news with XRP winning the lawsuit, all other ALTS being targeted by the SEC had significant pumps. MATIC climbed up to $0.89 and I added some more shorts for my personal portfolio there.
For now MATIC is showing a lot of bearishness, and the SEC is providing FUD to help drive the price down lower.
The white trendline was acting as support, and this support line broke.
The orange trendline is acting as resistance that is suppressing MATIC’s price and pushing price lower.
Target Prices for closing out the short:
TP 1
I have the yellow trendline as a key short term price target around $0.55 to $0.57 depending on when we reach the trendline.
TP 2
My longer term price target is $0.3136
TP 3
If things go really bad with the SEC lawsuit, I can see MATIC ranking really low to around 10 cent price levels.
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Join my exclusive Discord community for swing trading, options trading, and long-term investing.
There is a free trial period for the group
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