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MATIC - The one token not to hold in 2023

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Hype does not begin to cover it (links way below). Am reminded of ADA bulls at three dollars and above after rallying from 3 cents or Ethereum from 180 dollars to 4.5k. Greed is a powerful emotion and in full swing.

“Is your 5 cent idea still valid?”
“You’re prediction is wrong”
“Get a real job you’re crap at this!”

A flavour of the messages that are received weekly on this token. Cute, irrelevant, and filled with emotion.

When the Cardano and Ethereum short ideas were published (ideas below) the market euphoria was effervescent. I remember messages at three dollar ADA telling me it was going to 30. I reminded said individual that would result in a market cap larger than many top 100 S&P 500 companies. It was that insane.

Why so bearish on MATIC? For the exact same reasons as ADA and ETH at the time. Now the public ideas shared on tradingview.com don’t show anywhere near the level of study that is happening, which generally leads to a lot of assumptions. One of those areas of study is the Bitcoin pair with said token.

2-week chart on ADA/BTC before collapsing from three dollars

2-week chart on MATIC - spot the difference?

Is it possible price action continues up? Sure.
Is it probable? No in bright neon blink blink.

Ww

Hype links from the bros ;)

youtube.com/watch?v=UOD6DC1Qicg

youtube.com/watch?v=7khl9aMFoyQ

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Someone asked, "Why din't you have a long idea before it went 100x?"

Right here people..

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PS: Don't be surprised should price action go to 1.20 area to backtest the wedge.

4-day

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A significant break of market structure now confirmed.

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A few folks asking about the target still. Yes, 5 cents it is. 40% down since the idea was published. What more convincing do you need?

交易开始

Weekly and 10-day GRM support has failed.

Wait for 5 cents.

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PS: There will be a relief rally to 70 cent perhaps more before downtrend continues.

交易开始

relief rally complete

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Don't get caught up on the euphoria, 40% drop incoming...

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Only another 20% to go until the 40% drop mentioned above is complete.

Will that be the buying opportunity? Or just a breathier until more correction?

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A big week for MATIC bulls. On the weekly MATIC-BTC chart price action is testing market structure.

For the Bulls
A weekly candle body must not print below the upper black line. IF it does, price action free falls to the next support level, a 70% correction.

For the Bears
A strong bounce from the upper black line is not what you want to see. IF the bounce prints a higher high, close the short.

Weekly

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Expecting a push up to 60 cents perhaps 70 however it should be treated as a exit opportunity. Don't forget the higher time frames have confirmed broken market structure.

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MATIC is very oversold. A strong relief rally is still expected. The MATIC bulls will offer a 2nd exit opportunity, be patient.

交易开始

Exit between 84 and 94 cents.

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The exit call was spot on.

The "One token not to hold in 2023" is unable to finish the year higher than it started despite Bitcoin doubling in value. Less we forget the bullish comments below on the fundamentals, don't get me started ;-)

3-day

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“MATIC - The one token not to hold in 2023”

Was this the right call?

Yes. Price action is not only lower but has not enjoyed the multiple x gains seen by many other tokens. Indeed, inflation adjusted the real dollar VALUE is much lower.

Will 2024 be the year for MATIC? Stay tuned.