Famous analyst JB, polygon (MATIC) detected patterns on the price chart across multiple time frames. The analyst identified a 5-wave pattern on the MATIC weekly chart, suggesting a potentially significant rally under certain conditions.
In a video, JB explained that MATIC has been performing well recently with an impressive upward move testing the 50 EMA and 50 SMA. However, according to his expectations, he observed that the price has not yet found support at the 50 SMA.
Crypto The analyst narrowed it down to the daily time frame, explaining that MATIC has entered the typical retracement area between $0.87 and $1.36. Despite this setup, he noted the possibility of another upside push by MATIC before the pullback begins.
Koinfinans.com As we reported, most of JB’s focus was on the MATIC 1-hour time frame. Here it showed that the market is still expecting an upward push from the 13th-ranked cryptocurrency. JB stated that he expects the 4th wave to decline further in a 5-wave structure. From his analysis, he predicted that the upside potential on the hourly chart has diminished. Therefore, it expects to find an exit from an upside trade soon.
Again on the 1-hour chart, JB noted that MATIC has entered a 5-wave downtrend and the price has been pushed to the 50% to 80% retracement level. However, expect MATIC to move higher on the hourly time frame to retest the previously mentioned retracement area.
JB has set some levels on the MATIC hourly chart that may affect how the price develops. According to him, a break above $0.945 would imply that wave 5 to the upside is still coming. However, a break below $0.811 would signal a bearish wave C in the ABC structure.