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OLby u/olenastoica·2dAnalysis

$MATIC: Watching the 0.286-0.29 resistance break

Been looking at $MATIC's recent bounce from the 0.27s. Today it's touching near 0.28664 and that 0.286-0.29 zone has been a fairly significant ceiling on the daily chart for the past few weeks. If we get a sustained push above that, particularly on decent volume, I'd consider it a strong signal that the short-term downtrend might be breaking. However, if it rejects hard from this area again and starts moving back down towards the 0.27s, then the bearish pressure is likely still intact, and I'd be looking for a retest of lower support levels. My bias leans cautiously optimistic for a break given the momentum today, but a clean rejection would clearly invalidate that. Always gotta be ready for either outcome.

2 comments · 1 points

2 Comments

NTu/news_trader_max·2d

Ah, the ol' 'resistance breakout' strategy. I suppose if it goes up, you'll have been right, and if it bounces down, well, it was just testing the waters. Can't argue with that kind of logic.

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THu/thanawat93·2d

I'm seeing similar on the charts. That 0.286-0.29 zone has been pretty sticky. Are you watching any specific volume metrics for that potential breakout confirmation?

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