- JB has spotted significant patterns in multiple time frames on the Polygon (MATIC) price chart.
- The analyst identified a 5-wave pattern on the MATIC weekly chart that suggests a potentially significant rally.
- According to JB, MATIC has entered the typical retracement area between $0.87 and $1.36.
JB, an analyst on the Cheeky Crypto YouTube channel, has spotted significant patterns in multiple time frames on the Polygon (MATIC) price chart. The analyst identified a 5-wave pattern on the MATIC weekly chart that suggests a potentially significant rally under certain conditions.
In an uploaded video, JB explained that MATIC performed well recently, with an impressive upside movement that tested the 50 EMA and the 50 SMA. However, he observed that the price has yet to find support on the 50 SMA, per his expectations.
The Cheeky Crypto analyst narrowed it down to the daily timeframe, explaining that MATIC has entered the typical retracement area between $0.87 and $1.36. Despite that setup, he noted the possibility of another upside push by MATIC before the retracement sets in.
Most of JB’s focus was on the MATIC 1-hour timeframe, where he showed that the market is still expecting a push to the upside from the 13th-ranked cryptocurrency. JB noted his expectation of the 4th wave to drop further in a 5-wave structure. From his analysis, he predicted that the upside potential has faded on the hourly chart. Hence, he expects to find an exit point from an upside trade anytime soon.
Still on the 1-hour chart, JB noted that MATIC has entered a 5-wave downward movement, and the price has pushed into the 50% to 80% retracement level. However, he expects MATIC to push further up on the hourly time frame to retest the earlier-mentioned retracement area.
JB identified some levels on the MATIC hourly chart that could affect how the price develops. According to him, pushing higher than $0.945 would imply that a 5th wave to the upside is still to come. However, breaking below $0.811 would signal a C-wave to the downside in an A-B-C structure.
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Source: https://coinedition.com/analysts-spots-significant-patterns-on-the-polygon-matic-price-chart/