Polygon [MATIC]: Bulls successful at recovery – is a retest of $1.30 likely?

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. MATIC broke below its ascending channel pattern but was held in check. A retest of $1.30 could be likely if BTC reclaimed the $22.25k level. Polygon [MATIC] successfully recovered but faced a hurdle at […]

Since the end of January 2023, the price action of MATIC has formed an ascending channel pattern, reflecting the extended rally over the past two weeks. After BTC fell to $21,000, the price dropped below the channel but was held in check by the support zone below $1.1683.

In the short term, bulls may target the $1.30 level to lock in their gains if MATIC breaks above the $1.2587 hurdle. However, risk-averse bulls should wait for confirmation to take entry positions. The market structure was bullish with a rising OBV , indicating that there was enough trading volume to drive the bulls.

Likewise, sellers could take short positions if MATIC falls below the 26-period EMA of $1.2227. They can exit at the 100-period EMA of $1.2158 or at $1.1880.According to Santiment, MATIC saw a sharp increase in exchange outflows, indicating a short-term accumulation of the tokens. This trend corresponded with strong demand for MATIC, which led to the price reaching the $1.2587 mark. Further demand could push MATIC to overcome the $1.2587 level and head for the $1.3 mark.

However, among short-term holders , gains fell from 25% to about 5% at press time, as shown by the 30-day MVRV ratio. Hodler’s gains could improve if BTC surpasses $22.25k.Subscribe to get it daily in your inbox.

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