$MATIC in Conflict With 100WMA to Start a New Uptrend

Hi everyone,

We are in the MATIC weekly chart and as you can see, MATIC has fluctuated in a beautiful Symmetrical Triangle since registering a new ATH. Also, during recent weeks, MATIC has been engaged in consolidation, which has caused it to register some lower highs in this triangle and convince us that it will soon exit from the upper side of this triangle.

In the lower part of the chart, we can see that MATIC has formed a strong support area in the range of 50 cents. Currently, the 100WMA resistance is considered as the only factor preventing MATIC from exiting this triangle. If MATIC can cross the 100WMA barrier, it will simultaneously exit this boring triangle and start a new uptrend.

But if MATIC cannot cross the 100WMA barrier for any reason, then we will see it fall back to the bottom of the triangle and record some higher lows. Anyway we will wait for the next events of the crypto market and confirmation of the trend.

As always this is not a financial advice & please do your own research.

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Goodluck