MATIC- 4-Hour ChartOn the four-hour chart, the $0.9 area has been a stubborn resistance zone. A long upper candlewick to $0.927 earlier this week was not a pretty sight for the bulls either. It showed that the price tried to push to $0.9275 but was rebuffed.
A set of Fibonacci retracement levels were plotted for MATIC based on the move from $0.722 to $1.05. It showed the 50% retracement level to lie at $0.888. Just above this level lay a band of resistance that has held for a week now. The Relative Strength Index formed a hidden bearish divergence. This meant that a minor pullback can be expected.
To the south, the cyan box at $0.75 highlighted a bullish order block. Any pullbacks beneath $0.849 can still expect to find support there.A lower timeframe chart showed that the $0.86 area represented an area of liquidity that the price could soon test. The 4-hour chart showed a minor pullback was likely. The indicators were strongly bullish on the one-hour timeframe, although the RSI was in overbought territory.
By itself, it does not show a pullback was imminent. The On-Balance Volume has made some gains over the past couple of days, which showed demand was present behind MATIC. The inefficiency at $0.86 could be tested and would likely offer a buying opportunity. A stop-loss can be set aggressively at $0.84, or lower at $0.814.Bitcoin was bullish as it climbed past $20.8k, and further gains could appear over the weekend. Polygon’s native token could follow suit. A pullback to $0.86 would likely be a good opportunity to buy the asset. Ambitious traders can look to take profit at the $0.92 high from earlier this week.Subscribe to get it daily in your inbox.
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Source: CryptoAmb - 🏆 22. / 68 Read more »
Source: CryptoAmb - 🏆 22. / 68 Read more »