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Polygon MATIC Eyes Potential Surge Towards 79.3 Cents 100% Extension Target Wave Structures

Polygon MATIC with our comprehensive Elliott Wave analysis

MATIC Price Update: Breakdown of Today’s Dynamic Elliott Wave Progression

 

MATIC Price Update

Current Position in Market Structure

Presently, MATIC appears to be in the midst of its third wave; a standpoint that remains unchanged based on recent assessments. The support level, which has been a critical juncture for the coin, has held firmly, suggesting an anticipation of higher valuation. Nevertheless, we’ve yet to witness what could be deemed a “healthy” fourth wave in this progression.

Navigating the Third Wave Extension

Interestingly, MATIC has now entered the upper echelon of the targeted zone previously outlined on the charts. For clarity, lower Fibonacci levels have been removed to allow for a more precise visualization of this movement. This ascension doesn’t necessarily signal an end to the growth; however, it does highlight that the third wave is becoming quite overextended. What is becoming apparent is the formation of what resembles a three-wave structure, due to the proportional nature of the recent movements. Further growth could occur, targeting the 100% extension mark at 79.3 cents. However, reaching this level, while not essential, remains within possibility, as cryptocurrencies often exceed expectations.

Polygon Price Trajectory: Live Elliott Wave Analysis and Market Reactions

Polygon Price Trajectory

Updated Support and the Search for Confirmation

Adjustments to support levels are par for the course in wave three scenarios. To truly cement the notion of establishing a lasting low in September, the market must demonstrate a five-wave ascent followed by a three-wave pullback—a pattern familiar in these analyses. Currently, support lies between 58.3 cents and 64 cents. Observing this anticipated five-wave increase will lay the groundwork for establishing support for the forthcoming ABC correction.

Potential Resistance and the Importance of Confluence

Further to these observations, it’s also beneficial to incorporate potential resistance levels that emerge from Fibonacci retracements and extensions. A notable resistance zone hovers around 78.5 cents, a confluence between the 100% extension at 79 cents and the 78.6% Fibonacci retracement at 78.2 cents. This convergence of technical indicators creates an intriguing level for investors to monitor, as it could very well delineate the apex of the current third wave.

Extension, Resistance, and the Potential for Pullback

As MATIC continues to stretch its valuation in this third wave, investors should remain vigilant for signs of an impending pullback. The cryptocurrency has attempted to breach the upper boundary of a price channel, but thus far, efforts have fallen short—a common precursor to a market retracement. In the event of a pullback, keeping a close eye on the delineated pullback zone and the ascending trend line’s lower boundary is advisable.

MATIC Market Behavior Today: An In-Depth Elliott Wave Technical Review

 

An In-Depth Elliott Wave

Wave Count Continuity and Future Outlook

Despite the slight extension in value, the overarching wave count hasn’t experienced a significant overhaul; we are still tracking the progression within the third wave. MATIC is currently trading at 70.4 cents, and as long as the coin maintains above the 58.3 cents threshold, the market sentiment leans towards continued upward movement. However, should MATIC fall below this crucial support level, a more bearish perspective may emerge, as it would suggest a potential peak or top in this three-wave rally.

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