Bitcoin
BTC$48 040.82

-1.15%

Ethereum
ETH$3 406.76

-3.36%

Cardano
ADA$2.37

-1.97%

Binance Coin
BNB$409.51

-2.13%

Tether
USDT$0.998941

-0.15%

XRP
XRP$1.074680

-1.02%

Matic Network (MATIC): A Long Way Up Before Capitulation


#Polygon

If someone made a competition for the title of the most suitable cryptocurrency for swing trading, Matic Network would have been amongst the favorites. A quick look at the historical price action of MATIC is enough to understand that this coin is bound for sharp rises and deep corrections, therefore, offering traders who are confident in the ability to catch the swing in timely fashion plenty of opportunities to fatten up their accounts.

MATIC’s all-time chart

Even though Matic Network has been around for slightly over a year - the coin was listed on major exchanges in April 2019 - it has made itself heard among traders thanks to its sometimes overly volatile price action, which, nevertheless, bears substantial profits to those who know how to trim their sails and adapt to new conditions that emerge every so often in the MATIC market.

Matic Network is hiking uphill briskly


Although MATIC didn’t quite manage to barge into the top 50 right away, it still has a serious backing in the form of Ethereum foundation, which provides security guarantees for the platform that also specializes in decentralized applications, as well as Binance that carried out the IEO and since then has been actively promoting this coin.

But readers can engage in trading MATIC even without delving deep into its fundamental peculiarities, which are quite attention-grabbing, by the way. A simple look at its price action from last year and the gaining profile would be enough to start elaborating on trading strategies.

1-day MATIC/USDT

And the most appropriate strategy here would be to calculate the top of the upswing and then sell the entire position right when the market starts signaling about the reversal. The chart above shows that there is no point in holding the currency after the upward momentum snaps because when Matic Network goes into a correction mode, it does so in the capitulation style. During each of the three previous cycles, MATIC has had a correction of no less than 70%, so it is of the utmost importance to try and predict the top of the bull rally correctly, or at least not too late, because, otherwise, you would risk losing a sizable chunk of profits.

1-day MATIC/USDT chart

With that in mind, let’s revert to the current price action with MATIC being priced at $0.024, as of writing. This price is the result of a 70% increase in value against USD, and 36% against the brotherly Ethereum. The chart says that MATIC is finally getting into gears for a serious upside move with three reasons to back up that claim:

After the first one, Matic Network went on a bull run and breached the heavily armored resistance at $0.017, which has been a strong point of attraction for the price throughout the past year. In the short term, we see MATIC testing this year’s high at $0.026 and breaching it because everything lines up bullishly for this coin right now. Should the market participants find consensus regarding the price being above $0.026, it would be an open road towards the all-time high at $0.042.

Author: Alex Paulson for: Crypto-Rating.com

Related

Matic Network: Another Altcoin Making Way to the All-Time High
Matic Network: Another Altcoin Making Way to the All-Time High
Matic Network: Explosive Growth After India Lifts Crypto Ban
Matic Network: Explosive Growth After India Lifts Crypto Ban

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 88.4% 18 $48 040.82 -1.15% 4.49% $904 138 209 931 $27 168 138 382
2 Ethereum (ETH) ETH Ethereum predictions 76.4% 50 $3 406.76 -3.36% -0.59% $400 587 974 492 $14 083 515 721
3 Cardano (ADA) ADA Cardano predictions 68% 67 $2.37 -1.97% -9.16% $75 770 110 129 $1 761 903 242
4 Binance Coin (BNB) BNB Binance Coin predictions 64% 71 $409.51 -2.13% -1.24% $68 853 321 231 $1 118 665 295
5 Tether (USDT) USDT Tether predictions 92% 1 $0.998941 -0.15% -0.13% $68 220 155 150 $55 238 355 832
6 XRP (XRP) XRP XRP predictions 69.6% 61 $1.074680 -1.02% -2.67% $50 104 002 644 $2 001 954 604
7 Solana (SOL) SOL Solana predictions 60% 90 $159.62 -0.39% -11.29% $47 403 146 839 $4 342 326 777
8 Polkadot (DOT) DOT Polkadot predictions 64% 81 $33.87 -3.28% 5.40% $33 450 932 962 $1 531 270 854
9 Dogecoin (DOGE) DOGE Dogecoin predictions 63.2% 75 $0.238990 -2.72% -2.75% $31 391 728 418 $814 388 693
10 USD Coin (USDC) USDC USD Coin predictions 90.8% 1 $0.998865 -0.13% -0.15% $29 376 466 972 $1 886 680 146
11 Avalanche (AVAX) AVAX Avalanche predictions 68.4% 69 $72.57 1.86% 14.34% $15 986 861 751 $1 646 527 720
12 UniSwap (UNI) UNI UniSwap predictions 69.6% 64 $24.41 -2.34% 2.68% $14 931 117 171 $258 525 925
13 Terra (LUNA) LUNA Terra predictions 69.6% 64 $35.81 0.61% -13.26% $14 384 328 816 $821 923 843
14 Chainlink (LINK) LINK Chainlink predictions 74.4% 51 $28.31 -3.15% 0.91% $12 837 320 531 $907 387 794
15 Binance USD (BUSD) BUSD Binance USD predictions 95.2% 1 $0.998729 -0.16% -0.14% $12 797 266 194 $4 423 728 987

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2021 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.