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MATIC has a strong bullish structure, but watch out for a dip to this level

Altcoins across the market saw lower timeframe selling pressure and retraced a minor amount of the gains they have noted over the past two weeks. Polygon’s [MATIC] native token was one such on the price chart.

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

The $21.2k and $20.8k levels are near-term significant levels for Bitcoin [BTC]. A dip below $20.8k could see BTC revisit the $20k mark and drag the altcoin market lower. This scenario would be ideal for MATIC traders, as it would give a good risk-to-reward buying opportunity.

MATIC has a strong bullish structure, watch out for a dip to this level

Source: MATIC/USDT on TradingView

From September to November 2022, MATIC rallied from $0.69 to $1.3. A set of Fibonacci retracement levels (yellow) were plotted based on this move upward. The 50% retracement level lay near $1, which was an important psychological, round number level.

The $0.95 level highlighted on the chart has been significant in recent months. In mid-November, the price retested this level as resistance before a drop to the $0.76 swing low. In December, the area from $0.91-$0.95 (highlighted in cyan) acted as stern resistance.

How much is 1,10,100 MATIC worth today?

The area highlighted represented a bearish order block on the 12-hour chart formed in early December. Moreover, January’s rally flipped this to a bullish breaker. The 61.8% retracement level also sat within this area of interest.

A 12-hour session close below $0.955 will technically break the structure. It remained likely that the price would go lower to hunt enthusiastic bulls before rising upward once more. To the north, the Fibonacci levels at $1.07 and $1.16 can be used to take a profit.

MATIC has a strong bullish structure, watch out for a dip to this level

Source: Santiment

The lack of a spike in the age consumed or exchange flow metrics was heartening for the bulls. It showed that a large transfer of MATIC tokens into exchanges did not occur in recent days. If it does, it would indicate a large wave of selling likely around the corner. The funding rate also remained positive to outline bullish sentiment.

The lack of correlation between development activity and price action in recent months can also encourage long-term investors.

Over the past couple of days, the Open Interest behind MATIC had reduced slightly. The inference was that bulls weren’t bidding as strongly, and therefore the price could decline a bit more. Whether the $0.91-$0.95 area is tested and defended or broken by the bears will likely dictate the direction of the next price move.

Source

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    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 15.10.25 21:52 harristhomas7376

    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

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