MATIC Flashes Five Technical Signals That Led To Previous 10,000% Rally
17 Februar 2023 - 06:43PM
NEWSBTC
MATIC, the native token to Polygon is up more than 6% intraday, but
could be on the cusp of much more, according to a handful of
technical signals. The last time these five buy signals
appeared, MATIC went on an incredible, 10,000% rally in a matter of
only four months. Could these same conditions be foretelling of yet
another explosive breakout? Five Bullish MATIC Technical Signals
The recent rally in MATIC has moved the cryptocurrency past
Dogecoin and into the number 9 rank by market capitalization. But
the upside in the token might only be beginning. Polygon is
preparing to launch its zero-knowledge Ethereum Virtual Machine
(zkEVM) beta mainnet on March 27 and has been tapped by major
companies Meta, Disney, Adidas and Starbucks, giving it plenty of
fundamental value. From a purely technical perspective, MATIC
could be ready to pop. Five potential bullish signals are
triggering or close to it, that in the past when combined led to a
10,000% price increase. Momentum is increasing and flipped
bullish | MATICUSD on TradingView.com LMACD It’s no surprise given
the positive narrative in Polygon that the MATIC token is gaining
momentum. That increase in momentum can be seen in the weekly
Logarithmic Moving Average Convergence Divergence indicator,
otherwise known as the LMACD. Related Reading: Total Crypto
Market Triggers Golden Cross, Despite “Deadly” Bitcoin Counterpart
The tool is crossing above the zero line on an already green
histogram, while the MACD line has passed through the signal line
from below. Will Polygon ride the Bollinger Bands? | MATICUSD on
TradingView.com Bollinger Bands If MATIC can maintain current price
levels or higher on the one-week timeframe, the token will have
closed outside of the weekly Bollinger Bands. A close outside of
the upper band is a buy signal and can suggest strong continuation
if the bands begin to expand and price rides the upper band
higher. A confirmed buy signal from the SuperTrend | MATICUSD
on TradingView.com SuperTrend At the very same level as the upper
Bollinger Band, the SuperTrend has been tapped, triggering a buy
signal. The signal actually appeared last week, and has since been
confirmed. Making it out of the cloud is critical for
continuation | MATICUSD on TradingView.com Ichimoku Continuing to
highlight the important confluence of indicator resistance
potentially being broken at this very moment, MATICUSD 1W has
pushed into the Ichimoku cloud and is nearly at the top of it. Once
outside the cloud, it’s clear skies for higher prices.
Related Reading: Forget The Moon: Bitcoin Could Target The “Cloud”
At $40K The Tenkan-sen and Kijun-sen are also crossed bullish and
price is above the two lines, which are rising to show a trending
market. Very little Chikou span resistance is located above this
level. The red line is possibly the only resistance left |
MATICUSD on TradingView.com TD Sequential Last but not least brings
timing into play, with MATIC about to face off against TDST
downtrend resistance, indicated by the red line created by the TD
Sequential indicator. The token hasn’t made it through quite yet,
but adds to the stacking signals appearing on the same weekly
timeframe. The last time these signals all appeared the token
grew 10,000% | MATICUSD on TradingView.com Another 10,000% Rally?
The last time all of these signals appeared simultaneously,
MATICUSD climbed by 10,000% in only four months. Another 100x would
take the cryptocurrency to over $140 a token. While another rally
of that size is unlikely, a promising uptrend could be nearing a
breakout. Considering the confluence of resistance at this level,
failure would also be catastrophic and crush confidence further in
the token. Follow @TonyTheBullBTC on Twitter or join the
TonyTradesBTC Telegram for exclusive daily market insights and
technical analysis education. Please note: Content
is educational and should not be considered investment
advice. Featured image from iStockPhoto, Charts from
TradingView.com
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