MATIC is currently trending around $1.40 at the time of writing. Technicals show a valid uptrend with channel barriers for both high and low trading ranges. The 4 hour time frame is being observed.
Below we can see the yellow lines have been tested as both resistance and support so can provide us a valid “zone”. Price has recently broken its downtrend and confirmed a reversal into a new uptrending channel. It’s possible we can be targeting previous resistance points now as “take profit zones” for trading.
Below are the price points from the white arrows in the above photo.
Currently we can see a lower high formed so this should be treated as a downtrend until that line is pierced. We are looking to find support along the bottom of the ascending channel.
Rune is showing a very similar market structure to MATIC (above). We can identify a strong support zone that price has recently bounced off of. There is also an ascending channel being formed on this coin pair that must be observed closely.
Unlike MATIC (above) this ascending channel shows a cross over in the near future. This can indicate areas of price conflict. Our short term goals of $10.24 and $13.63 are possible to see before some greater downtrend movement. If price continues along within this ascending channel we can expect to use the lines as swing highs and lows.
If rejection occurs we can see price return to the first horizontal blue line and if not held there it’s possible to retrace even further to the second lower horizontal blue line.
For Siacoin to return to its all time highs would be a return of over +200%. How likely is that?
Here we can observe previous price resistance points as they relate to current price action. We can also take note of a strong support line just below one penny at $0.0098 cents. Price is ranging between the two yellow lines and could be considered a sideways channel. The supporting dynamic trend lines should be considered valid until pierced, at which point it’s possible to see lower price action.
The trading range upon us calls for lows ranging to $0.014 cents as dictated by previous support/resistance flip. Possible resistance points ahead or “take profit targets” are depicted below.
If rejection proves true here we can look to test the ascending green trendlines for support and if not held there it’s possible to continue back down to the next yellow line as stated. If support holds then we can see price range back to $0.02 cents and above.
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Written by Edward Gonzales © Crypto University 2021