On April 26, 2019, the MATIC price reached a low of 49 satoshis. An upward move ensued and the price reached a high of 573 satoshis on May 21. MATIC has been decreasing since. On August 8, it reached a low of 80 satoshis.
Since then, the MATIC price has been increasing.
How long will this increase continue? Keep reading below if you are interested in finding out.
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SponsoredMATIC Price: Trends And Highlights For August 8
- MATIC/BTC began an upward move on August 5.
- The upward move transpired with significant volume.
- The price is trading above daily moving averages.
- There is support at 130 and 110 satoshis.
Possible Reversal
Since the MATIC price has been down-trending for a long period of time, we are interested to know if the recent reversal occurred at a suitable place for the beginning of a reversal.
In order to do that, we have outlined one support area and used the Fibonacci retracement tool.
The support area was found at 100 satoshis.
We can see that it acted as resistance during the first upward move on April 27.
Additionally, it coincides with the 0.88 fib level of the entire upward move.
Therefore, it is a suitable place for the beginning of a MATIC price reversal.
Sponsored SponsoredFurthermore, there are two other developments that provide a bullish sentiment:
- The recent upward move transpired with significant volume.
- Price is trading above the 10- and 20-day moving averages (MA).
However, a bullish cross between the aforementioned MAs has yet to occur.
If it were to do so, it would serve as confirmation for the beginning of the uptrend.
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Elliot Waves
A closer look at the upward move shows that the MATIC price created a standard five-wave Elliot formation:
After completing the fifth wave, it began to decrease.
Additionally, we can see two support areas, at 130 and 110 satoshis respectively.
At the time of writing, the MATIC price was trading inside the first one.
A possible outline for future price movements is given below.
It is customary that an asset succeeds in a five-wave formation with an A-B-C correction.
In this scenario, the MATIC price would soon increase towards the previous high, before falling short and resuming its correction until it reaches the second support area.
Sponsored SponsoredFrom there, it would continue its uptrend.
MATIC Price Summary
The MATIC price reached a significant support area before initiating an upward move.
According to our analysis, it is nearing the end of the correction and will soon resume its upward movement.
In the short-term, we do not expect decreases below 110 satoshis.
Do you think the MATIC price will continue to increase? Let us know in the comments below.
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
Images are courtesy of Shutterstock, TradingView.
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