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MATIC/USDT is likely to continue the bearish trend from the 0.7600 resistance level

By: Invezz
MATIC/USDT trading strategy
  • Buy/sell asset: Sell MATIC/USDT
  • Entry price: 0.7600
  • Stop loss: 0.7900
  • Leverage: 1x
  • Take profit 1: 0.7400
  • Take profit 2: 0.7100
  • Take profit 3: 0.6700
  • Timeframe: 1-2 weeks
  • Maximum profit: 12%
  • Maximum loss: 4%
MATIC/USDT chart and technical analysis

MATIC/USDT is in a bearish trend and the price almost dropped 28% in the last two weeks. Currently, the price is making a correction and will likely retest the 0.7600 resistance level before heading for new lows.

The 0.7600 is a key resistance level from where the price will possibly continue the decline and drop to new lows. There is a fair value gap and bearish order block block around the 0.7600 resistance level.

I will recommend waiting for the price to retrace to the 0.7600 resistance level for short entry and the advised target for this trade is below the recent low.

MATIC/USDT fundamental analysis

Fundamentally, the overall crypto market is under bearish pressure. Usually, when the market ranges it prepares for more drop.

There are no major news events that could impact the price of MATICUSDT significantly, and the market will probably follow the price action.

MATIC network to Tether trade idea takeaways
  • The price of  MATIC/USDT  is likely to drop to the 0.6700 level in the coming days.
  •  The price will possibly retest the 0.7600 resistance before the drop.
  • Multiple take-profit levels have been added to secure profit along the way.
  • The risk-to-reward ratio on this trade is 1:3.
  • The entry and stoploss prices have been placed at secure levels with the least probability of getting hit.
  • Good luck!

The post MATIC/USDT is likely to continue the bearish trend from the 0.7600 resistance level appeared first on Invezz

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