In this episode of NewsBTC’s every day technical evaluation movies we’re taking a look at MATIC following a greater than 10% intraday transfer on the again of the announcement that META would use Polygon for Instagram NFTs.
Take a have a look at the video beneath:
VIDEO: Polygon Price Analysis (MATICUSD): November 3, 2022
MATIC Gives Golden Cross Signal On Daily
Technical indicators on the every day chart exhibit energy relative to the remainder of the crypto market. For instance, worth is above the mid-Bollinger Band and tagging the higher band; it’s nicely above the Ichimoku cloud, the tenkan-sen and kijun-sen; it has struck the Parabolic SAR; and pushed above the 50, 100, and 200-day shifting averages.
Most importantly, there’s a golden cross on the every day. The final time there was a every day golden cross on MATICUSD, the cryptocurrency rallied by greater than 13,000%.
The Bollinger Bands are the tightest in 5 years | Source: MATICUSD on TradingView.com
Related 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 may recommend that MATIC has completed its wave 1 impulse and probably a wave 2 correction, earlier than it begins a bigger transfer increased for a wave 3, 4, and 5. Adding in a channel exhibits that if that is the beginning of wave 3 of 5, the top of the fifth wave may terminate on the mid-point of the channel.
The channel seems legitimate all through a collection of various timeframes. On month-to-month timeframes, turning on the Fisher Transform exhibits a bullish crossover within the months previous that would start to select up steam.
