MATIC falls to key 50% Fib support level – Is a recovery likely?

9 months ago 60

Disclaimer: The accusation presented does not represent financial, investment, trading, oregon different types of proposal and is solely the writer’s opinion.

  • Price retracement saw MATIC driblet to a captious terms level. 
  • Short-term gains could beryllium successful the works for bulls, owed to bulls’ vantage connected long/short ratio.

Polygon [MATIC] failed successful its effort to flip its terms enactment bullish connected the higher timeframes. A 21% driblet from the $0.8923 terms level took MATIC to the 50% Fib level. The hold of the retracement saw MATIC erase its gains from the terms pump connected 13 July.

Read Polygon [MATIC] Price Prediction 2023-24

With Bitcoin [BTC] extending its range-bound enactment betwixt $29.2k to $29.5k, MATIC bulls could find buying opportunities hard to travel by, unless the existent level is defended successfully.

Can bulls rebound from the 50% Fib level?

MATIC terms  illustration  connected  acheronian  inheritance  with greenish  and reddish  terms  bars

Source: MATIC/USDT connected Trading View

Exploring MATIC’s terms enactment considering the 12-hour timeframe revealed cardinal terms levels. The retracement from the $0.8923 level formed a higher debased astatine the 23.6% Fib level ($0.8024) starring to a further terms driblet to the 50% Fib level ($0.7017).

A look southward showed that the 50% Fib level corresponded to a captious enactment level for bulls. Buyers rallied powerfully from the level connected 13 July with a 25% terms pump. A retest of the level could nutrient akin results with the retracement easing astatine the 50% Fib level, arsenic of property time.

While the Relative Strength Index (RSI) remained nether the neutral 50, it registered a flimsy uptick to awesome gathering demand. Also, the On Balance Volume (OBV) remained connected an uptrend, contempt a flimsy dip.

A beardown bounce from the 50% Fib level would spot bulls people take-profit levels astatine $0.8024 and $0.8923. However, if bulls can’t support the level, sellers tin interruption the higher debased and people the $0.6568 (61.8% Fib) and $0.5927 (76.8% Fib) terms levels.

Bulls seizure a ample information of unfastened contracts

Source: Coinglass

How overmuch are 1,10,100 MATICs worthy today?

A look astatine the speech long/short information from Coinglass connected the four-hour timeframe revealed a 56.58% plaything successful favour of buyers. Such a ample stock of the unfastened contracts for longs is apt to construe into short-term gains for MATIC. Thus, buyers tin thrust connected the bullish sentiment successful the futures marketplace to registry a beardown rebound from the $0.7017 terms level.

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