Polygon (formerly Matic Network, MATICUSD) is a Layer 2 scaling solution backed by Binance and Coinbase. The project seeks to stimulate mass adoption of cryptocurrencies by resolving the problems of scalability on many blockchains. Polygon combines the Plasma Framework and the proof-of-stake blockchain architecture.
MATICUSD January Daily Chart
MATICUSD started a rally from July 20th 2021 low. From there we can see 5 waves up forming a Leading Diagonal Structure ending on December 27th. (If you want to learn more about Elliott Wave Theory, please follow these links: Elliott Wave Education and Elliott Wave Theory). Wave ((1)) ended an impulse structure at 1.7991. Then MATICUSD corrected in 3 swings making a zig zag structure, ending wave ((2)) at 1.0148. Another rally resumed from the low completing wave ((3)) at 2.2200. Pullback again making a flat correction ended wave ((4)) at 1.4446. Then last push higher made an ending diagonal structure as wave ((5)) completing wave I as a leading diagonal at 2.9249.
MATICUSD April Daily Chart
From the peak, we were expecting 7 swings down correction to 1.1660 – 1.5016 area and rally again, but MATICUSD just made it in 3 swings. This (A), (B) and (C) ended at 1.3073 forming wave ((W)). Then market bounce in another zig zag correction and finished the connector ((X)) at 2.0977. We need 3 more swings down to complete the double correction from the peak. Wave (A) is done at 1.2460. A flat correction as wave (B) could be done already or need a slightly high to end and see further downside in wave (C). Anyway, we are looking for more downside in the crypto to break 1.2460 with an impulse structure. Target to complete wave (C) of ((Y)) and the double correction as II comes in 0.6969 – 0.9487 area. Reaching this area is a perfect place to look for buying opportunities to continue the rally to break 2.9249.
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Source: https://elliottwave-forecast.com/forex/polygon-maticusd-double-correction-way/