Polygon [MATIC] aims a range high – Bulls can re-enter at these levels
BTC breached the crucial support level of $26.6k amidst FOMC Minutes, exposing it to more aggressive selling, but bulls were fighting for recovery as of press time.Nevertheless, MATIC’s rally faces a critical range high that could stall bulls unless BTC reclaims the $26.6k level.The Relative Strength Index crossed the median 50-mark, reiterating improved buying pressure in the past few hours.
The short-term uptrend momentum could boost MATIC to retest the range high/lower high around $0.89 – $0.90. A likely price rejection at this level to drag MATIC lower, offering shorting opportunities at $0.8770, mid-range of $0.8656, or the range low/support zone of $0.84. Bulls could re-enter the support zone if it doesn’t crack on a likely retest. The level lines up with a bullish order block on H12, formed on 16 May, and another bullish OB on H2, formed on 14 May. As such, it could be a strong support and demand zone for bulls to launch a recovery.
A bullish breakout and session close above $0.91 will be an invalidation. Such an upswing could see MATIC aim at $0.94. Bulls could wait for a retest and confirmed uptrend at a range high before making an entry.
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