}
Hi friends, hope you are well and welcome to the new update Matic Network.
Formation of a falling wedge:
On the daily chart, the price action of the Matic token has formed a falling wedge pattern and moving very well between the resistance and support levels of this wedge pattern. The formation of this pattern was started back in the mid of Nov 2020. The price action is trying to breakout the resistance at the moment and having good support of 100 simple moving average but there is also a 200 simple moving average resistance above the resistance of this falling wedge pattern. The volume profile of complete price action moving within this pattern is showing less interest of the traders near the support level of this pattern and there is a high interest of trader even above the resistance. This signal by volume profile favors the break out scenario.
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A big symmetrical triangle and strong market structure:
On the long-term weekly chart, the price action of the Matic Network token has formed a big symmetrical triangle and it is very close to the tip of this pattern and moving sideways with exponential moving averages with the time period of 10 and 21. The support of this triangle has never been broken down in the history of Matic token. This pattern is working as a strong market structure for Matic. Therefore, the support of this triangle should be used as stop loss strictly. The volume profile of the complete price action moving within this big triangle is showing the trader's interest even below the support and above the resistance as well. But the point of control of the volume profile has moved very closed to the resistance level. Therefore we can expect a breakout soon.
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Conclusion:
In the mid-term the charts are showing strong bullish signals, however, in the long-term, it’s still weak bullish. In case of a breakout from the big triangle on the weekly chart, the priceline can move to $0.05.
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