In this episode of NewsBTC’s daily technical analysis videos we are looking at MATIC following a more than 10% intraday move on the back of the announcement that META would use Polygon for Instagram NFTs.
Check out the video:
VIDEO: Polygon Price Analysis, MATICUSD: November 3, 20,22
MATIC Gives Golden Cross Signal On Daily
On the daily chart, technical indicators show strength relative the other cryptocurrency market. Price is, for example, above the mid-Bollinger band and tagging its upper band. It is also well above Ichimoku cloud and the tenkansen and the kijunsen. The Parabolic SAR has been struck and it has pushed past the 200, 100 and 50-day moving averages.
Most important, the daily golden cross is available. Last time MATICUSD had a daily gold cross, cryptocurrency surged more than 13,000%.
Source: MATICUSD, TradingView.com| Source: MATICUSD on TradingView.com
Bitcoin USD November 1, 2022| BTCUSD November 1, 2022
Elliott Wave Theory Highlights Coming Polygon Rally
Elliott Wave Theory could indicate that MATIC is in wave 1, and has completed wave 2, before moving higher to wave 3. If you add a channel, it shows that this is the beginning of wave 3. The end of the 5th waves could be terminated at the halfway point of the channel.
It appears that the channel is valid for a variety of time periods. Turning on the Fisher Transform monthly shows a bullish crossover from months before that may be gaining steam.