Elliott Wave Analysis: MATIC Hits Key Support

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The Crypto market, in general, is still in a downtrend, but we see it moving at a very deep strong support zone, from where we can expect a bounce, recovery, and potentially bullish reversal soon.


Well, despite the current intraday drop in the Crypto market, MATICUSD is one of few coins that is acting quite strongly. We are actually looking for a completed weekly wave 4 correction, especially because we see a nice EW channel connection and the same wavelength 2=4.


On a daily chart we can already see it trying to break above the resistance line of a corrective channel after a three-wave (A)-(B)-(C) corrective decline, so if we see a rally back to the 1.3 level, then we can easily expect a bullish resumption back to all-time highs for wave 5.

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Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.

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