Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- Attempt to cross $0.90 was derailed.
- The weekend’s sell pressure eased slightly.
The short-term sell pressure over the weekend (15/16 July) exposed Polygon [MATIC] to a 10% drop. The pullback saw MATIC erase part of recent gains secured during the price pump on 13 July (last Thursday).
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But the retracement hit the previous support and December lows near $0.7566 and could attract bulls. In the meantime, Bitcoin [BTC] extended its range-bound formation and was yet to cross the mid-range of $30.5k at the time of writing.
Can bulls defend the December low?
Since mid-June, the 4-hour chart printed higher highs and higher lows, denoting an uptrend. Although the massive price pump on 13 July pushed bulls forward, they failed to cross the $0.90 mark.
In fact, MATIC was close to reversing all June losses before faltering below the D1 bearish order block (OB) of $0.918 – $0.955 (red). It was worth noting that the massive pump on 13 July invalidated another bearish OB (red), which aligned with the December lows near $0.7566.
But the pullback eased to the above level – December lows, a crucial support that could attract bulls. A rebound at the level could set aggressive bulls on a $0.95 target (overhead bearish OB). But conservative players could reach the $0.889 and $0.85 targets.
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Author: Benjamin Njiri
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