Matic Price outlook: charts point to a surge after a huge breakout

By: Ansh Rathod
Ansh Rathod
Ansh is a tech geek and loves to stay up to date with all the different innovations in the… read more.
on Oct 23, 2021
  • Matic has formed a symmetrical triangle and gave a breakout on Saturday.
  • Matic could potentially even set a new all-time high in the coming weeks.
  • A long entry can be taken when Matic reverses from the zone of $1.5.

Matic (MATIC/USD) was up over 10% on Saturday and a huge breakout was seen on the charts. Matic could give some huge targets in the coming weeks, however, is it too late to enter Matic?

A look at this year’s chart-

  • Matic has formed a symmetrical triangle and gave a breakout on Saturday.
  • It gave a breakout after consolidating for over a week, this is a great sign indicating that a huge move could be coming soon.
  • Before taking a long entry a retest should be waited for in order to avoid getting caught in a false breakout.
  • Matic could potentially even set a new all-time high in the coming weeks, however, for a shorter term a target of $2.025 can be set.
  • A stop loss below the trendline can be set at $1.4, and for investors willing to take a higher risk, a stop loss can be set at $1.02.

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A closer look at the charts on Saturday-

  • Matic was in an extremely overbought zone on Saturday and also gave a reversal from that point.
  • It has also formed a bearish RSI divergence on Saturday which is hinting towards a retest of the trendline.
  • A long entry can be taken when Matic reverses from the zone of $1.5.

Conclusion

Matic is looking very strong in the coming weeks and months and a long entry can be taken after a restest of the trendline to avoid being caught in a false breakout. Nevertheless, a stop loss must be maintained below the trendline, with targets at $2.025 followed by a potential new all-time high.

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