In this episode of NewsBTC’s day-to-day technical analysis videos we are taking a look at MATIC following a more than 10% intraday carry on the back of the statement that META would utilize Polygon for Instagram NFTs.
Have a look at the video listed below:
VIDEO: Polygon Cost Analysis (MATICUSD): November 3, 2022
MATIC Offers Golden Cross Signal On Daily
Technical indications on the day-to-day chart show strength relative to the remainder of the crypto market. For instance, cost is above the mid-Bollinger Band and tagging the upper band; it is well above the Ichimoku cloud, the tenkan-sen and kijun-sen; it has actually struck the Parabolic SAR; and pressed above the 50, 100, and 200- day moving averages.
Most significantly, there is a golden cross on the day-to-day. The last time there was an everyday golden cross on MATICUSD, the cryptocurrency rallied by more than 13,000%.
The Bollinger Bands are the tightest in 5 years|Source: MATICUSD on TradingView.com
Associated Reading: Bitcoin And The Dollar Reach Inverse Inflection Points | BTCUSD November 1, 2022
Elliott Wave Theory Hints At Coming Polygon Rally
Low timeframe Elliott Wave Theory counting might recommend that MATIC has actually completed its wave 1 impulse and potentially a wave 2 correction, prior to it starts a bigger relocation higher for a wave 3, 4, and 5. Including a channel reveals that if this is the start of wave 3 of 5, completion of the fifth wave might end at the mid-point of the channel.
The channel appears legitimate throughout a series of various timeframes. On month-to-month timeframes, switching on the Fisher Transform reveals a bullish crossover in the months past that might start to get steam.
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