Trend Analysis
The main view of this trade idea is on the 4-Hour Chart. The cryptocurrency Polygon (MATIC) had been in a rangebound mode after hitting resistance around the 2.20 price level is late October 2021. The cryptocurrency found some support at the 1.45 price level where it made sharp moves higher over the last couple of weeks, testing and breaking above 2.20. Expectations are for MATIC to continue this move higher, with a target of 3. Failure of this projection will see MATIC trading around 1.80.
On the Daily Chart MATIC is in an upward trajectory, with some resistance around the 2.5 price level.
Technical Indicators
There has been recent crossovers on the short (50-MA), medium (100-MA) and long (200-MA) fractal moving averages. MATIC is currently trading above all 3, which is a bullish sign. The RSI is above 50 with the KST recently making a positive crossover.
Recommendation
The recommendation will be to go long at market, with a stop loss at 1.8 and a target of 3.0. This produces a risk/reward ratio of 1.23.
Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. At the time of publishing I have exposure to MATIC.
The main view of this trade idea is on the 4-Hour Chart. The cryptocurrency Polygon (MATIC) had been in a rangebound mode after hitting resistance around the 2.20 price level is late October 2021. The cryptocurrency found some support at the 1.45 price level where it made sharp moves higher over the last couple of weeks, testing and breaking above 2.20. Expectations are for MATIC to continue this move higher, with a target of 3. Failure of this projection will see MATIC trading around 1.80.
On the Daily Chart MATIC is in an upward trajectory, with some resistance around the 2.5 price level.
Technical Indicators
There has been recent crossovers on the short (50-MA), medium (100-MA) and long (200-MA) fractal moving averages. MATIC is currently trading above all 3, which is a bullish sign. The RSI is above 50 with the KST recently making a positive crossover.
Recommendation
The recommendation will be to go long at market, with a stop loss at 1.8 and a target of 3.0. This produces a risk/reward ratio of 1.23.
Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. At the time of publishing I have exposure to MATIC.
Trade closed: stop reached