Long
Brief Analysis —— MATIC
The preliminary result to the lawsuit of XRP and the SEC was released yesterday. The court held that XRP does not meet the characteristics of securities in the secondary market, but meets the HOWEY judgment in the primary market. This result is interpreted as a victory for XRP, but also for the crypto market.
After that, XRP was relisted by the exchange such as Coinbase and pumped. Many tokens that were defined as securities last month followed up. Today we have selected three tokens that were once defined as securities to share. AVAX\USDT, MATIC\USDT, SAND\USDT
MATIC returned to levels prior to being defined as a security. Until yesterday, the rebound was not strong. Both bulls and bears are weak and few long candles appears. But the transaction volume is higher than the previous few months, which is a process of stacking chips. This can provide strong support for later callbacks.
Conclusion: The high probability rise has not ended. The long green candle started the engine. The resistance of the price below the 0.95 is not great. The red arrows show the decay of bears during the stacking process. So we think that for MATIC, there is a high probability that the rise will not stop here. We set resistance level at 0.95 and support level at 0.65.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
After that, XRP was relisted by the exchange such as Coinbase and pumped. Many tokens that were defined as securities last month followed up. Today we have selected three tokens that were once defined as securities to share. AVAX\USDT, MATIC\USDT, SAND\USDT
MATIC returned to levels prior to being defined as a security. Until yesterday, the rebound was not strong. Both bulls and bears are weak and few long candles appears. But the transaction volume is higher than the previous few months, which is a process of stacking chips. This can provide strong support for later callbacks.
Conclusion: The high probability rise has not ended. The long green candle started the engine. The resistance of the price below the 0.95 is not great. The red arrows show the decay of bears during the stacking process. So we think that for MATIC, there is a high probability that the rise will not stop here. We set resistance level at 0.95 and support level at 0.65.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.