Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion.
- Worth retracement noticed MATIC drop to a vital worth stage.
- Quick-term positive aspects may very well be within the works for bulls, because of bulls’ benefit on lengthy/brief ratio.
Polygon [MATIC] failed in its try to flip its worth motion bullish on the upper timeframes. A 21% drop from the $0.8923 worth stage took MATIC to the 50% Fib stage. The extension of the retracement noticed MATIC erase its positive aspects from the value pump on 13 July.
Learn Polygon [MATIC] Worth Prediction 2023-24
With Bitcoin [BTC] extending its range-bound formation between $29.2k to $29.5k, MATIC bulls might discover shopping for alternatives onerous to come back by, except the present stage is defended efficiently.
Can bulls rebound from the 50% Fib stage?
Supply: MATIC/USDT on Buying and selling View
Exploring MATIC’s worth motion contemplating the 12-hour timeframe revealed key worth ranges. The retracement from the $0.8923 stage fashioned a better low on the 23.6% Fib stage ($0.8024) resulting in an additional worth drop to the 50% Fib stage ($0.7017).
A glance southward confirmed that the 50% Fib stage corresponded to a vital assist stage for bulls. Patrons rallied strongly from the extent on 13 July with a 25% worth pump. A retest of the extent might produce comparable outcomes with the retracement easing on the 50% Fib stage, as of press time.
Whereas the Relative Power Index (RSI) remained below the impartial 50, it registered a slight uptick to sign constructing demand. Additionally, the On Steadiness Quantity (OBV) remained on an uptrend, regardless of a slight dip.
A robust bounce from the 50% Fib stage would see bulls goal take-profit ranges at $0.8024 and $0.8923. Nevertheless, if bulls can’t defend the extent, sellers can break the upper low and goal the $0.6568 (61.8% Fib) and $0.5927 (76.8% Fib) worth ranges.
Bulls seize a big portion of open contracts
Supply: Coinglass
How a lot are 1,10,100 MATICs value as we speak?
A have a look at the trade lengthy/brief information from Coinglass on the four-hour timeframe revealed a 56.58% swing in favor of consumers. Such a big share of the open contracts for longs is more likely to translate into short-term positive aspects for MATIC. Thus, consumers can trip on the bullish sentiment within the futures market to register a powerful rebound from the $0.7017 worth stage.
