You can swap stake and earn on cobra swap for extremely lucrative rewards. Now copa swap is venomdows latest initiative after establishing viper swap harmonies, a leading decentralized exchange head over to and start earning rewards today, hi and welcome back to cheeky crypto. Today, guys were going to be taking a look at polygon and specifically the price action of matic and to see where things are going and where things are likely to go next guys as we get into this video. If you find it useful and informative hit. The like button, i really do appreciate that, if you are new to the channel, then do subscribe tap the bell select all notifications, and in doing so you will be kept up to date with absolutely everything that we do here right with. All that said done out of the way lets get into this technical analysis on matic were going to start things off with this a weekly chart like we usually do and just to talk through what were seeing here and uh. What kind of moves we might be? Looking for next right, so um everything really kind of kicks started back in march of 2020, and we can see that basically from there all the way up to a high that was achieved back in may of 2021 was 42 655 in gain. So some very lucrative gains have been made with matic. There was a small pool back here and which is in line with the rest of the crypto space.

This is equivalent to the fourth wave uh on many old coins. Then we started to see a good recovery. Bitcoin had a small blip uh earlier in the week, and otherwise we have actually started to recover from there quite well. We are, of course, still below our 618702786 area uh, which many altcoins are now approaching or passing. This is going to be a key area for many and matic needs to get past this area to see some good moves to the upside overall, we are targeting 9.43. This is 581 from the current position. So still quite a bit of progress to happen here and still some pretty good gains to be had for this particular project. We can see that the stochastic is uh, pretty reasonably placed thats a bit slower than many of these other coins at the moment, and but again it was slow to start with. Anyway. We can also see that there is a nice amount of room to grow back up into this overbought area from the oversold area during the correction that it had over here. The small pool back in the middle. In the case of what bitcoin did earlier in the week is also not unusual, weve seen these things quite happen quite a bit, and we can see one just over here, but you can see there was a series of kind of pullbacks for matic um before it Really got some traction going to it and ultimately, when ethereum starts going absolutely nuts, i think this is when youre going to start seeing polygon network and matic absolutely go nuts too so well, it can be like it feels like its going to very, very slowly and But patience will be key with this one again.

This is something that chris has been talking about for a very long time. He was invested in this one uh way back when we first started. The channel has been invested since um and it was a really early adopter of it and uh. He has definitely seen some pretty good lucrative returns um because of that so again, being patient and not selling at a loss and all that kind of stuff dollar cost average by positions where possible. Um are our strategies now im, not a financial advisor. Chris is not a financial advisor, so its important that you do your own research on all of these cryptocurrencies um, so right overall, the weekly chart is looking pretty good and i do think that were going to see some pretty good gains going further forward. It just might feel like its going quite slow and when we jump down into our daily view, this is where things actually start to get a little bit more interesting right, because here we can see the volatility that happened with bitcoin and pulling us down from these Higher areas here, uh over a few day period – actually it was a 38 drop right, and so a natural correction was looking like it was happening here. Then bitcoin just dragged it all the way down to our 236 area. This was a bounce and we started to see a good. Steady rise from here were going to get into what that looks like on the hourly chart in a moment, but we can see that we are oversold on this daily chart, so loads of room to grow.

To the upside now, the only concern is you should be looking at the loss of momentum over time. But again, this is in line with what youre, seeing with ethereum right now, once ethereum actually starts to really run um massively and starts to get those gas fees to the point where theyre just not really usable. This is where matic really starts to come into its own and will break this trend. So i think the next um push to the upside on our stochastic is going to invalidate that downtrend that we just saw there. So, overall, i think were on the cusp of some big changes here for matic, and we do need to see. Of course, this yellow box area get overtaken with a closed candle above the 786. So were looking for a closed candle above 2.25 and to really see the next catalyst for a big push to the upside. So, overall, everything here is not looking too bad um again, we can look at those fibonacci areas right. The first uh target is 3.98 second target. 6.6. 8.15. Is your third target followed by that 4.236 extension of 9.43? Those are the expect expectations for this project during the remaining parts of the ball run. Now, what were going to do is jump down into our hourly, and this is where we start to review. Whats been going on most recently with the price action. So basically, we started seeing a bit of a downward trend, were upward trend as well, and what were looking for was this kind of catalyst for a big break to the upside okay.

It was at this moment here that we were looking for that break, but unfortunately, bitcoin decided to take it into his own hands, we sort of break down and said we actually went all the way down to the downside. Um all the way down to our 236 area now whats interesting about this is obviously theres, always a bounce from these scenarios, where we bounce from here – and we just went up to this area that got rejected and we came back down now. Weve set a higher low okay. This this low is higher than this low here and we bounced from this area – and we went up – got rejected from here, but this is a lower high than these ones. Right so were going down at this point and then were setting another higher low, so basically youll end up with your its getting stuck inside a triangular wedge right, ill quickly, just draw that up its a small time frame. So you know these things are not the best, but you get the idea and when i draw this on right, so we had this uh. This downward trend kind of appearing between these lines here, for example, right theyre, getting really wedged in tight, and then you saw another bounce from this area and then we broke through, and then we continued to the grave to the upside right. So we broke it by going through and thats what this candle here symbolizes so overall um really really well.

So what you ended up with was basically uh a high point being set here: okay or a lower high than this one. For example, okay, followed up by a lower high, followed by a lower high, but what else did we have? We had a low here, a higher low, a higher low and a breakthrough event. Okay, so we broke it. So the trend line here and here were completely now invalid. We had the pullback game down to our upward trend, line, thats a longer piece and again pushing us right. The way back up to this previous high area here pulling back pushing up again setting now a higher high than these ones. Okay, so we now have higher highs again, bouncing down to a new um, higher low, okay, so again, higher low higher low higher low high low and now again were going for a higher high on these. So now everything is tracking to the upside after this. So this is actually what i was saying with many of these old coins in space right and ultimately, what were looking for was uh was basically to make sure that this bounce didnt take us to lower lows. Okay, because that would be a bearish signal and normally a rejection from here would be bearish in in most circumstances. Instead, you would see this fall down and we would go lower than this low area here, but because were actually an abolish sentiment, and this uh correction was artificial in in the way that it was designed.

As in you know, a bitcoin dump had been created, um and, as a result, the old coin market moved with. It then actually were still bullish overall and what you actually saw was then this series of higher lows being set all the way up here right and now were looking to track that a little bit higher so again were now targeting that quite a 1.52 area. Again the other area of resistance and then eventually were going to look to try to get wedged in inside here in this triangular wedge here and then have that blast to the upside there. So overall um a little while longer well well should start to see a good traction out of this area here. Just pull that back up and well basically look for moving up into this area and then blasting through some of these other key areas for us. So, overall, everything has been performing quite well, although very frustrating that we lost this triangular wedge because of bitcoin, a new trend has performed and its a very, very strong one, and so for the long term. Here i think, were doing really well when we take a look at the weekly, the daily everything there is looking very, very well, and but overall we are looking on the shorter time frame to look very positive as well a little bit of work still to go. Weve got a lot of resistance now to work our way back through, but other than that well be back towards our yellow box area back towards our 2.

25 zone. Where were looking to get that closed candle and then well be in a big ball signal move to the upside following ethereum um, on the way to our 9.43 area, guys, hopefully you have found this brief update on matic, useful and informative. If you have hit the like button, i really do appreciate that, if you are new to the channel, then do subscribe tap the bell select all notifications, and in doing so you will be kept up to date with absolutely everything that we do here.