Crypto Contest June 5: Matic Network

Matic Network (Binance: MATICBTC) has broken out of the triangle pattern in the four-hour chart.

(Chart courtesy of Tradingview.com (log scale))

Elliott Wave Analysis

In Elliott Wave terms, Matic began a wave one advance on April 26. The red wave one finished on April 26, and the red wave two correction ended on May 10. The red wave three (blue sub-waves i-ii-iii-iv-v) advance finished on May 21, and the red wave four (blue sub-waves a-b-c) correction ended on June 3. If this wave count is correct, Matic should be heading next towards the May 21 peak in the red wave five.

(Chart courtesy of Tradingview.com (log scale))

Funnymentals

Matic

About the author: Markus Aarnio

I have 20 years of investing experience. I have traded stocks, commodities, cryptocurrencies, and forex markets.