MATIC's upturn: Is $0.68 the next milestone?

TLDR

• MATIC is in a promising position, poised for potential growth if BTC maintains stability.
• Technical analysis highlights MATIC's bullish pennant pattern, indicating a potential target of $0.68.
• Key support levels are identified at $0.58 and $0.54, with a favourable RSI indicating room for upward movement.
• Healthy funding rates and low Open Interest provide a positive backdrop for MATIC's potential upward trajectory.

Disclaimer: Not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results. “One Glance” by Cryptonary sometimes uses the RR trading tool to help you quickly understand our analysis. They are not signals, and they are not financial advice.

Technical analysis

MATIC has now reclaimed back above its main uptrend line (thick yellow line) and formed a bullish pennant pattern, which we feel has an upside target of $0.68 - again, assuming BTC doesn’t break down. 

Beneath the current price, the horizontal support area is $0.58. If this is broken, we expect a further downside to $0.54. 

MATIC 12hr

RSI and funding rates

The RSI is relatively healthy here, which aids our bias that MATIC could go higher. It is currently at 62, a long way off overbought territory. It, therefore, has room to go higher . We’re nowhere near being exhausted to the upside. 

In terms of funding rates, it’s very positive. However, the overall level of open interest is very low. This is a relatively healthy setup and could aid MATIC to go higher. 

Cryptonary’s take

MATIC looks more positive than most in that it’s moved relatively well and is nowhere near overbought levels, suggesting that there’s room for this to move higher potentially. 

Action

• We believe MATIC could move higher from here to test the $0.68 level.