MATIC Hits Key Support: Elliott Wave Analysis

Hello Crypto traders, Crypto market in general is still in downtrend, but we see MATIC moving at very deep strong support zone. This is actually key support level, from where we can expect bounce, recovery and potentially bullish reversal soon.

Well, despite current intraday drop in the Crypto market, MATIC is one few coins who is acting quite strongly. From Elliott wave perspective, we are actually looking for a completed weekly wave 4 correction. And, the main reason is a nice EW channel connection and same wavelength 2=4.

On a daily chart we can already see it trying to break above resistance line of a corrective channel after an Elliott wave three-wave (A)-(B)-(C) corrective decline. So, if we see a rally back to 1.3 level, then we can easily expect a bullish resumption back to all-time highs for wave 5.

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Matic is coming nicely higher, after breaking out of a downward channel which now looks like a first ongoing bullish impulse as price also trying to breka now the upper side of a base channel (upper circle). This is normally a confirmation of a sharp third-wave price move.

www.tradingview.com/chart/oXbxdT0C/

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