MATIC has been one of the best performing cryptos in 2021. We have traded it many times in our Discord trading room.
Yesterday, we entered $MATIC on price momentum at $2.31. Stop placed just below the last support zone at $2.09. Since cryptos are so volatile and ranges are so large, stop losses tend to be a bit lower than stocks.
Usually, we like to sell in stages if the trade goes our way. Sometimes we sell in halves and other times in thirds.
Our first sell was 1/3 at $2.48. Our first target was $2.50 so $2.48 was close and also hit the top of the Bollinger Band on the daily chart, usually signalling a potential pullback.
After our first sell, we like to move our stop up, usually to around our buy price.
This morning, MATIC had more momentum. We sold another 1/3 at $2.637. The all-time high is $2.69 which is why we decided to take more profits on another potential pullback at that resistance area.
We’re currently holding the last 1/3 and this trade has turned into a zero risk trade since we have already took profits and our stop is above our buy price.
If MATIC can break the all-time high with momentum we could see it trend to $5 – $7.
Here is a chart on our trade.
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