A long opportunity feasible if MATIC rebounds at this level
The price action from mid-May chalked an ascending channel . The $0.864 – $0.878 level has seen a considerable price reaction, making it a key support/resistance level.
At press time, MATIC retraced to the range low after facing another rejection of the mid-range near $0.92. Notably, the $0.864 – $0.878 support offered another long opportunity targeting $0.95 on 24 May. MATIC could rebound and rally towards $0.95 again, especially if BTC surges to $27.8k or $28k. If that’s the case, buying at the press-time level could offer a good risk ratio in the mid-range or range high. In addition, a close above $0.95 could offer extra gains if MATIC retests $1.
A break below $0.864 – $0.878 will be an invalidation. Such a downswing could set MATIC to drop to $0.85 or $0.82. The RSI wavered below the 50-mark, denoting competing buying and selling pressure. But OBV dipped, highlighting limited demand at press time.
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