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MATIC – A long opportunity may be incoming

2min Read

A likely rebound from the range lows could set Polygon [MATIC] to reverse recent losses and retest $0.95. But the trend reversal depends on BTC.

A long opportunity feasible if MATIC rebounds at this level

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

From mid-May, Polygon [MATIC] has fronted a spirited recovery, rising from $0.8177 to over $0.95. However, the $0.95 price level was a sticky resistance and support level in late January to April. 

A price rejection at the sticky resistance level has set MATIC to retrace to another key short-term price level. MATIC could reverse recent losses if this key price level holds and Bitcoin [BTC] surges above $27k. 

Can MATIC rebound and retest $0.95

Source: MATIC/USDT on TradingView

The price action from mid-May chalked an ascending channel (white). The $0.864 – $0.878 (cyan) level has seen a considerable price reaction, making it a key support/resistance level. 

At press time, MATIC retraced to the range low after facing another rejection of the mid-range near $0.92. Notably, the $0.864 – $0.878 (cyan) support offered another long opportunity targeting $0.95 on 24 May. 

MATIC could rebound and rally towards $0.95 again, especially if BTC surges to $27.8k or $28k. If that’s the case, buying at the press-time level could offer a good risk ratio in the mid-range or range high. In addition, a close above $0.95 could offer extra gains if MATIC retests $1. 

A break below $0.864 – $0.878 will be an invalidation. Such a downswing could set MATIC to drop to $0.85 or $0.82. 

The RSI wavered below the 50-mark, denoting competing buying and selling pressure. But OBV dipped, highlighting limited demand at press time. 

Longs discouraged

Source: Coinglass


How much are 1,10,100 MATICs worth today?


According to Coinglass, over $695k MATIC long positions were wrecked in the past 4-hours as of press time. On the contrary, less than $100 worth of short positions were liquidated in the same period. 

Although this denotes a budding bearish pressure, the sentiment could change during the NY opening and if BTC reverses recent losses. 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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