MATIC - The one token not to hold in 2023

Hype does not begin to cover it (links way below). Am reminded of ADA bulls at three dollars and above after rallying from 3 cents or Ethereum from 180 dollars to 4.5k. Greed is a powerful emotion and in full swing.

“Is your 5 cent idea still valid?”
“You’re prediction is wrong”
“Get a real job you’re crap at this!”

A flavour of the messages that are received weekly on this token. Cute, irrelevant, and filled with emotion.

When the Cardano and Ethereum short ideas were published (ideas below) the market euphoria was effervescent. I remember messages at three dollar ADA telling me it was going to 30. I reminded said individual that would result in a market cap larger than many top 100 S&P 500 companies. It was that insane.

Why so bearish on MATIC? For the exact same reasons as ADA and ETH at the time. Now the public ideas shared on tradingview.com don’t show anywhere near the level of study that is happening, which generally leads to a lot of assumptions. One of those areas of study is the Bitcoin pair with said token.

2-week chart on ADA/BTC before collapsing from three dollars

2-week chart on MATIC - spot the difference?

Is it possible price action continues up? Sure.
Is it probable? No in bright neon blink blink.

Ww

Hype links from the bros ;)

www.youtube.com/watch?v=UOD6DC1Q...

www.youtube.com/watch?v=7khl9aMF...

تعليق:

Someone asked, "Why din't you have a long idea before it went 100x?"

Right here people..

تعليق:

PS: Don't be surprised should price action go to 1.20 area to backtest the wedge.

4-day

تم فتح الصفقة:

A significant break of market structure now confirmed.

تعليق:

A few folks asking about the target still. Yes, 5 cents it is. 40% down since the idea was published. What more convincing do you need?

تم فتح الصفقة:

Weekly and 10-day GRM support has failed.

Wait for 5 cents.

تعليق:

PS: There will be a relief rally to 70 cent perhaps more before downtrend continues.

تم فتح الصفقة:

relief rally complete

تعليق:

Don't get caught up on the euphoria, 40% drop incoming...

تعليق:

Only another 20% to go until the 40% drop mentioned above is complete.

Will that be the buying opportunity? Or just a breathier until more correction?

تعليق:

A big week for MATIC bulls. On the weekly MATIC-BTC chart price action is testing market structure.

For the Bulls
A weekly candle body must not print below the upper black line. IF it does, price action free falls to the next support level, a 70% correction.

For the Bears
A strong bounce from the upper black line is not what you want to see. IF the bounce prints a higher high, close the short.

Weekly

تعليق:

Expecting a push up to 60 cents perhaps 70 however it should be treated as a exit opportunity. Don't forget the higher time frames have confirmed broken market structure.

تعليق:

MATIC is very oversold. A strong relief rally is still expected. The MATIC bulls will offer a 2nd exit opportunity, be patient.

تم فتح الصفقة:

Exit between 84 and 94 cents.

تعليق:

The exit call was spot on.

The "One token not to hold in 2023" is unable to finish the year higher than it started despite Bitcoin doubling in value. Less we forget the bullish comments below on the fundamentals, don't get me started ;-)




3-day

تم إغلاق الصفقة يدويًا:

“MATIC - The one token not to hold in 2023”

Was this the right call?

Yes. Price action is not only lower but has not enjoyed the multiple x gains seen by many other tokens. Indeed, inflation adjusted the real dollar VALUE is much lower.

Will 2024 be the year for MATIC? Stay tuned.