Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
- MATIC reversed September losses after hitting $0.5997.
- Futures market demand improved in the past week.
Polygon [MATIC] buyers have been exploiting the previous range-high near $0.55 as a market re-entry point since 2 October. Although the roadblock of $0.5709 – $0.5884 (red) temporarily derailed further upside on 3 October, bulls were determined to crack it at press time.
Read Polygon’s [MATIC] Price Prediction 2023-24
MATIC’s negative signals at the end of September prompted a bearish bias in the previous price prediction. But the buyers regained control and an extended recovery tip MATIC to recover September losses.
Can bulls extend the recovery?
The rally at the end of September inflicted a bullish breakout and retested the range-high of $0.544 as a support. The range-high had a confluence with an invalidated H12 bearish OB of $0.5347 – $0.5496 (cyan).
Buyers exploited the confluence area as re-entry for profit-taking at the overhead target of $0.5709 – $0.5884 (red). If another price reversal occurs at the overhead roadblock, another buying opportunity could present itself at the range-high.
If so, such a move could present a potential gain of +4% to buyers.
But a drop below the range-high will invalidate the bullish bias, especially if BTC posts extra losses in the next f
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Author: Benjamin Njiri
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