Matic inverted Head & Shoulder Pattern has finally formed on the chart as we predicted the price to rise by 68% to $1.68. An inverted head & shoulder pattern triggers a price pump, so where to jump in the train?
The live Polygon price today is $1.65 with a 24-hour trading volume of $1,137,773,802. Polygon is up 1.46% in the last 24 hours. The current CoinMarketCap ranking is #17, with a live market cap of $10,677,804,047.
Matic inverted Head & Shoulder Pattern: Technical
Matic is exhibiting an inverse H&SH pattern in the daily timeframe. MACD is divergent in the positive zone. RSI has room to grow although it is entering the overbought zone; history shows that RSI was usually rejected in the range between 82 and 89. MATIC is starting up a stiff resistance level. If conquered, the doors to the previous ATH will open.
Having said all that, something that gnaws at me is the insufficient volume. For MATIC to be able to scale higher, robust and consistent volume must flow in. However, we should always remember that trading is a game of probabilities, not certainties! Patterns speak volumes; however, they are not under any obligation to follow precedence. Patterns more often than not, fail too. Exercise caution and manage risk. At the moment, the crypto market is in a precarious position. It can go both ways.