Hello Traders, We will examine MATICUSDT in Tradingview over the course of four time periods in this article: weekly, daily, four hours, and finally one hour. It will aid in our comprehension of both the long- and short-term perspectives. The primary goal of the layer 2 token Polygon Matic, which is based on Ethereum, is to address the majority of Ethereum’s drawbacks. Matic helps Ethereum overcome its scaling issues by increasing transaction speed and reducing cost.
MATICUSDT on Weekly Time Frame
MATICUSDT was one of the major crypto coin that remained unfazed during the FTX exchange scam. It was able to maintain above its important major averages, showing that the coin’s fundamentals are still sound. Additionally, it suggests that investors have strong faith in the projects and that the coin is priced fairly and is not overvalued. The MATIC was able to reach a higher high of USD 1.3522 compared to its previous pivotal high of USD 1.3071 from the week that ended on October 31, 2023, just before the FTX scam was exposed.
In the meantime, MATICUSDT is a long way from its record high of USD 2.4060 set during the week that ended on December 31, 2021. However, the higher high-higher low pattern indicates that investors are likely accumulating the coin at the moment. If the managed to maintain and close above its key resistance of USD 1.600, the can experience further upside.
MATICUSDT on Daily Time Frame
As of February 10, 2023, MATICUSDT, is moving in a classical bullish formation of higher highs- higher lows. Additionally, it is trading above the 20 SMA and 200 SMA, two of its important moving averages. This demonstrates that the medium-term outlook is favorable, and traders can use every correction to build and accumulate coin holdings until the price is above the 200-SMA.
On February 10 of 2023, the coin, on the other hand, had formed a strong bearish engulfing candle with noticeably higher volumes and RSI is also struck in the overbought zone. Consequently, there is a good chance that MATCIUSDT will experience some profit booking in the near future. However, until the coin is holding above its 200 SMA on the daily time frame, this will be a healthy correction and an opportunity to add more.
MATICUSDT on 4 Hour Time Frame
On 4-hour time frame, we can also see that MATICUSDT is smoothly moving in a positive channel. The coin is also moving reasonably close to its important averages, the 20 SMA and the 200 SMA. This suggests that coin prices are not overvalued and that, even if it experiences some profit booking, the booking will not be severe.
Additionally, the RSI is fluctuating in the overbought and oversold areas, indicating a healthy battle between bulls and bears, and everyone is ready to take advantage of any opportunities the crypto market presents.
MATICUSDT on 2 Hour Time Frame
On the 2 Hour chart, Polygon Matic is retesting its support zone, which we previously examined on the 4 Hour chart when it was active as a significant resistance.
MATICUSDT is currently trading at pivotal levels that will determine the coin’s near-term future.
If MATICUSDT is able to hold above the USD 1.100 levels, it may rise as high as USD 1.600.
On the other hand, any weakness below USD 1.100 levels might start a downward trend toward USD 0.900.
Okay, Let’s now take a look at other factors that may have an impact on the price of this pair even though Coins prices are unchanged.
US dollar to USDT pegging
The value of USDT will always be derived from the US dollar because it is a stablecoin. Simply put, 1 USDT will always be equivalent to 1 USD, ceteris paribus. But occasionally, the USDT loses its peg to the US dollar. like it happened in the FTX exchange scam.
The short-term BTCUSDT prices may also be impacted by such circumstances. But over the long term, USDT always adheres to the peg.
BUSD to USDT Pegging
Another well-known stablecoin is BUSD, which is issued by Paxos and one of the biggest cryptocurrency exchanges, Binance. A 1:1 reserve of US dollars held by Binance is used to back BUSD.
Before making an investment in the MATICUSDT pair, it is crucial to pay close attention to the BUSD to USDT pegging. If the pegging value is greater than 1, then traders favor the BUSD over the USDT, and vice versa.
Traders will then start buying the BUSD pair and selling the MATICUSDT pair.
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