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MATIC extends a buying opportunity – Should you take it?


December 30, 2023
By Akashnath S


  • MATIC has a firmly bullish bias, and a retest of $0.95 is likely to see the coin rally higher once more.


  • Some of the on-chain metrics pointed toward the likelihood of rising sell pressure on the token.


Polygon [MATIC] breached the critically important $1 resistance level on 26th December. It ascended as high as $1.09 and was going through a pullback at press time. This was good news for MATIC bulls.


AMBCrypto recently reported that zkEVM’s network activity dropped despite the rising TVL. The futures market reflected robust bullish sentiment in recent days, and that trend could continue should MATIC defend the $0.95-$1 support zone.


The MATIC market structure showed large gains could be imminent

Source: MATIC/USDT on TradingView


The one-day chart has formed higher lows and higher highs after 23rd December. The token traded within a range (purple) that extended from $0.934 to $0.722 since mid-November. Hence, the recent breakout spelled bullish intent.


The OBV was in an uptrend and the RSI was above neutral 50. Together, they showed that the buyers were in control. The Fibonacci retracement levels at $0.9218 and $0.8813 are close to the range high and the former bearish order block.


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