Connect with us
Active Currencies 13971
Market Cap $2,451,472,450,916.15
Bitcoin Share 51.71%
24h Market Cap Change $5.02

MATIC: Is a buying opportunity presenting itself?

2min Read

MATIC’s short-term pullback could present a buying opportunity if BTC doesn’t post immediate losses.

MATIC: Is a buying opportunity presenting itself?

Share this article

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

  • MATIC exhibited a short-term pullback from the $0.58 hurdle. 
  • There were more buy-limit orders below $0.54, which could affect the pullback. 

Polygon [MATIC] hit a familiar roadblock at $0.58 and tipped sellers to seek market re-entry. At press time, MATIC’s short-term retracement was headed to a crucial and previous range-high at $0.54. 


Read Polygon’s [MATIC] Price Prediction 2023-24 


A recent bearish inclination towards MATIC and the potential formation of new lows was invalidated after Bitcoin’s [BTC] sharp recovery. 

BTC’s move above $30k saw MATIC rally +15%, jumping from the range-low of $0.50 to a sticky overhead hurdle of $0.58. Will the pullback at press time provide buyers a chance for market re-entry? 

Can the pullback benefit bulls?

MATIC

Source: MATIC/USDT on TradingView

Since September, the sticky roadblock and H12 bearish order block of $0.571 – $0.588 (red) prevent MATIC from extra value appreciation. A fake move in early October near $0.60 was quickly reverted, dropping the altcoin to the previous range-high ($0.545) and range-low ($0.50). 

The pullback could ease at the confluence of a breaker block and range high at $0.545. If so, a likely rebound could lead to a potential 4.8% gain if MATIC retests the overhead hurdle at $0.58. Such a move could make the range-high a great buying opportunity. 

A crack below the range-high will invalidate the bullish bias and force bulls to attempt another re-entry at the range-low ($0.50). 

Meanwhile, the RSI was in the overbought zone but exhibited a retreat. It meant that buying pressure eased in the past few hours before press time. Similarly, demand dropped slightly, as shown by the downtick on the OBV. 

Massive buying interest existed below $0.56

MATIC

Source: MobChart


How much are 1,10,100 MATICs worth today


According to the order book analysis platform Mobchart, there were considerable buy limit orders at $0.55, $0.54, $0.52, and $0.50. The increased buying interest could ease further pullback. 

On the sell side, $0.60 had massive sell limit orders. It could make a move beyond $0.60 challenging in the short term. It could act as an ideal take-profit in case of a rebound from the previous range-high. But a drop below the range-high ($0.54) will invalidate the long set-up. 

Share

Benjamin is a Telecommunication Engineering graduate who is passionate about crypto-markets and unraveling market trends. Armed with charts and patterns, he's interested in making the intricate, complex landscape of digital assets more palatable for every user.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.