Polygon [MATIC] buyers have been exploiting the previous range-high of $0.55 as a market re-entry point since 2 October.
MATIC consolidated gains above $0.55 in the past two days. If the range-formation extends, buyers can re-enter at these levels.Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionbuyers 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.
Buyers exploited the confluence area as re-entry for profit-taking at the overhead target of $0.5709 – $0.5884 . If another price reversal occurs at the overhead roadblock, another buying opportunity could present itself at the range-high.But a drop below the range-high will invalidate the bullish bias, especially if BTC posts extra losses in the next few hours.
However, price indicators were positive and didn’t signal such a massive drop was at hand at press time. The Relative Strength Index and On-Balance Volume were positive. This indicated buying pressure and Spot market demand improved in the past few days.The rising Open Interest since late September indicated the Futures market demand for MATIC recovered over the same period. Notably, the metric jumped to >$130 million at press time, a level last seen in August.
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