{"id":317561,"date":"2023-06-01T11:00:33","date_gmt":"2023-06-01T05:30:33","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=317561"},"modified":"2023-06-01T01:36:44","modified_gmt":"2023-05-31T20:06:44","slug":"a-long-opportunity-feasible-if-matic-rebounds-at-this-level","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/a-long-opportunity-feasible-if-matic-rebounds-at-this-level\/","title":{"rendered":"MATIC – A long opportunity may be incoming"},"content":{"rendered":"

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer\u2019s opinion.<\/span><\/i><\/p>\n

From mid-May, <\/span>Polygon [MATIC]<\/span> has fronted a spirited recovery, rising from $0.8177 to over $0.95. However, the $0.95 price level was a sticky resistance and support level in late January to April.\u00a0<\/span><\/p>\n

A price rejection at the sticky resistance level has set MATIC to retrace to another key short-term price level. MATIC could reverse recent losses if this key price level holds and <\/span>Bitcoin [BTC]<\/span> surges above $27k.\u00a0<\/span><\/p>\n

Can MATIC rebound and retest $0.95<\/h4>\n
\"\"<\/a>
Source: MATIC\/USDT on TradingView<\/figcaption><\/figure>\n

The price action from mid-May chalked an ascending channel (white). The $0.864 – $0.878 (cyan) level has seen a considerable price reaction, making it a key support\/resistance level.\u00a0<\/span><\/p>\n

At press time, MATIC retraced to the range low after facing another rejection of the mid-range near $0.92. Notably, the $0.864 – $0.878 (cyan) support offered another long opportunity targeting $0.95 on 24 May.\u00a0<\/span><\/p>\n

MATIC could rebound and rally towards $0.95 again, especially if BTC surges to $27.8k or $28k. If that\u2019s the case, buying at the press-time level could offer a good risk ratio in the mid-range or range high. In addition, a close above $0.95 could offer extra gains if MATIC retests $1.\u00a0<\/span><\/p>\n

A break below $0.864 – $0.878 will be an invalidation. Such a downswing could set MATIC to drop to $0.85 or $0.82.\u00a0<\/span><\/p>\n

The RSI wavered below the 50-mark, denoting competing buying and selling pressure. But OBV dipped, highlighting limited demand at press time.\u00a0<\/span><\/p>\n

Longs discouraged<\/h4>\n
\"\"<\/a>
Source: Coinglass<\/figcaption><\/figure>\n
\n

How much are 1,10,100 <\/span>MATICs<\/span><\/a> worth today?<\/span><\/p>\n

\n

According to Coinglass, over $695k MATIC long positions were wrecked in the past 4-hours as of press time. On the contrary, less than $100 worth of short positions were liquidated in the same period.\u00a0<\/span><\/p>\n

Although this denotes a budding bearish pressure, the sentiment could change during the NY opening and if BTC reverses recent losses.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

A likely rebound from the range lows could set Polygon [MATIC] to reverse recent losses and retest $0.95. But the trend reversal depends on BTC.<\/p>\n","protected":false},"author":70,"featured_media":317570,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,41,18,66,3,23,4,20],"tags":[1266,5244,1820],"class_list":["post-317561","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-analysis","category-hide-cryptopanic","category-new-news","category-news","category-no-home","category-social","category-trading-view","tag-matic","tag-matic-price-analysis","tag-matic-price-prediction"],"acf":[],"yoast_head":"\nMATIC - A long opportunity may be incoming - AMBCrypto<\/title>\n<meta name=\"description\" content=\"From mid-May, Polygon [MATIC] has fronted a spirited recovery, rising from $0.8177 to over $0.95. 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