BTC-Newswire

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

Press Releases Crypto News AMB-Crypto MATIC falls to key 50% Fib support level – Is a recovery likely?

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Price retracement saw MATIC drop to a critical price level.
Short-term gains could be in the works for bulls, due to bulls’ advantage on long/short ratio.

Polygon [MATIC] failed in its attempt to flip its price action bullish on the higher timeframes. A 21% drop from the $0.8923 price level took MATIC to the 50% Fib level. The extension of the retracement saw MATIC erase its gains from the price pump on 13 July.

Read Polygon [MATIC] Price Prediction 2023-24

With Bitcoin [BTC] extending its range-bound formation between $29.2k to $29.5k, MATIC bulls could find buying opportunities hard to come by, unless the current level is defended successfully.

Can bulls rebound from the 50% Fib level?

Source: MATIC/USDT on Trading View

Exploring MATIC’s price action considering the 12-hour timeframe revealed key price levels. The retracement from the $0.8923 level formed a higher low at the 23.6% Fib level ($0.8024) leading to a further price drop to the 50% Fib level ($0.7017).

A look southward showed that the 50% Fib level corresponded to a critical support level for bulls. Buyers rallied strongly from the level on 13 July with a 25% price pump. A retest of the level could produce similar results with the retracement easing at the 50% Fib level, as of press time.

While the Relative Strength Index (RSI) remained under the neutral 50, it registered a slight uptick to signal building demand. Also, the On Balance Volume (OBV) remained on an uptrend, despite a slight dip.

A strong bounce from the 50% Fib level would see bulls target ta

Go to Source to See Full Article
Author: Suzuki Shillsalot

Did you like this?
Tip BTC Newswire with Cryptocurrency