Riding the bullish wave: How high can MATIC ride?

 Now, is this a script worth following? Let's dive in!

TLDR

• MATIC shows a promising setup for a potential bullish breakout towards $0.69.
• Reclaiming the uptrend line and a bull flag signals positive momentum on the horizon.
• Other positive signals include favourable RSI and funding, plus a healthy open interest.
• MATIC's relative strength and lack of overbought signals reinforce the bullish case.

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)”. This remains true and is important for price going forward. MATIC has now formed a bull flag, which looks like it could break higher and push for the $0.69. If price can get up to this level and break higher, this would bring $0.75 into play. 

We like MATIC here, particularly if BTC can hold up and ETH can push past $1,853. 

MATIC 12hr

RSI and funding rates

The RSI is in a good spot here at 66. It is not overbought, and it remains beneath the RSI-based MA. So far, there are also no bearish divergences, which is positive for price to potentially go higher. 

Funding rates are very positive, and the open interest is also very healthy. It climbed up in recent days but remains very low. This suggests that this is not over-leveraged here and again; this should aid price 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.” This was the last update on Friday, and this weekend’s price action has aided this. 

Action

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