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Comment:
first paragraph amendment - "upward sloping resistance line" is a typo. It should have read "support" line
Fibs drawn from the high on March 7th to the low on March 16th suggests that breaking 193 would mean we're in a new uptrend. Beyond 193 and a break above 218 would take us into the golden ratio where the next target should be 257 sats. 192/193 is strong resistance, however, as we can see a double top of 192 sats on 2 separate occasions - March 20th and April 9th.
Targets - Hourly or 4 hourly close above 187 should lead us to test 192/193.
A daily close above 193 signals a new uptrend. Beyond 218, we should be targeting 257. MATICBTC loves testing the .886 so, optimistically, I'd love to see a run to 302.
Daily CCI doesn't look great but, as you can see, I've drawn a trend line through the RSI, which indicates that this has been a nice reversal point on multiple occasions in the past. Most notably, reversals at this point on Feb 1st, 16th and 25th.
Whilst we trade under the 200 day moving average, we're still, according to technical analysis rules, in a downtrend. We need to flip these moving averages to confirm any meaningful bull run and this wont happen in one or two days of trading.
Fundamentally, lots of good things happening around MATIC at the moment. The team have confirmed that the vast majority of their upcoming token unlock will be allocated toward staking (inspiring confidence that a dump wont occur). Mainnet launch is imminent, having been confirmed for release on or before May 15th. Coinbase Custody has already listed MATIC for institutional investors, which suggests that, with mainnet launching and with Coinbase being a seed investor in MATIC, that MATIC will meet the last piece of criteria required for a listing on the main coinbase exchange where retail investors can purchase. Although a main exchange listing is purely speculastive right now, Coinbase did publicly announce approx 6 months ago that MATIC was an asset that they were currently exploring adding to the exchange,
Given its current market price, MATIC, I believe, will be the cheapest asset available to buy on Coinbase, assuming it gets listed, which should attract retail investors to load up (speculation, of course).
Somewhere between 50-70 dapps using MATIC at the moment. With a mainnet launch, the migration of these and many more, given high adoption, should help increase the price. All in all, I feel MATIC is a decent short to mid term investment between now and end of June/early July.
This is my first post so, please, feel free to like and comment. I'd appreciate the feedback and will happily share more if this is well received. Cheers and good luck.