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Matic (MATIC/USD) was up over 10% on Saturday and a huge breakout was seen on the charts. Matic could give some huge targets in the coming weeks, however, is it too late to enter Matic?
A look at this year’s chart-
- Matic has formed a symmetrical triangle and gave a breakout on Saturday.
- It gave a breakout after consolidating for over a week, this is a great sign indicating that a huge move could be coming soon.
- Before taking a long entry a retest should be waited for in order to avoid getting caught in a false breakout.
- Matic could potentially even set a new all-time high in the coming weeks, however, for a shorter term a target of $2.025 can be set.
- A stop loss below the trendline can be set at $1.4, and for investors willing to take a higher risk, a stop loss can be set at $1.02.
A closer look at the charts on Saturday-
- Matic was in an extremely overbought zone on Saturday and also gave a reversal from that point.
- It has also formed a bearish RSI divergence on Saturday which is hinting towards a retest of the trendline.
- A long entry can be taken when Matic reverses from the zone of $1.5.
Conclusion
Matic is looking very strong in the coming weeks and months and a long entry can be taken after a restest of the trendline to avoid being caught in a false breakout. Nevertheless, a stop loss must be maintained below the trendline, with targets at $2.025 followed by a potential new all-time high.
The post Matic Price outlook: charts point to a surge after a huge breakout appeared first on Invezz.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.