MATIC/USDT Technical Analysis: Deciphering the Chart Setup

Oct 31, 2023

MATIC/USDT Technical Analysis: Deciphering the Chart Setup

Bullish Bounce from Symmetrical Triangle
MATIC currently trades around $0.65 after bouncing from the $0.52 level, which aligns with support of a symmetrical triangle on the daily chart.

Symmetrical triangles typically act as continuation patterns, so this bounce suggests a resumption of MATIC's uptrend within the triangle formation.

Favorable Higher Timeframe Structures
On the weekly chart, the symmetrical triangle takes shape as a larger bull pennant, which is also a bullish continuation pattern.

The confluence of constructive structures on the daily and weekly timeframes paints a positive picture for MATIC over the near term.

Measured Move Targets $1 Initially
The symmetrical triangle points to an initial measured move target of around $1 if MATIC can break out above the upper triangle trendline.

Reclaiming the key $1 level would likely propel additional upside momentum.

Potential for $5+ in a Bull Market
Looking longer-term, if MATIC breaks and holds above $1 decisively on the weekly chart, the bullish structures an extended move towards $5 first, with the potential for $10 in a sustained crypto bull market.

Monitoring Key Support at $0.50
If macro conditions worsen, keeping an eye on the $0.50 support level is prudent. A breakdown below $0.50 would invalidate the bullishness and introduce downside risk towards $0.20.