Will Polygon bulls manage to defend the 50% Fibonacci support level amidst a weak BTC?
. The altcoin posted over 30% gains in early July, rising from $0.65 to $0.90. However, the pullback that followed threatened to retest July lows.In the meantime, BTC was below the previous range-low of $29.5k, exposing the king coin to a >3.5% monthly loss as of the time of writing.The RSI struggled to climb above the neutral level of 50 from mid-July, underscoring sellers’ conviction in the second half of July.
The price pullback from mid-July eased at the 50% Fib level of $0.70. In the last few days, bulls and bears fought to control the 50% Fib level . Given the bearish price chart indicators and weak BTC, the support and 50% Fib level could crack. So, a drop to 38.2% Fib level could be feasible in the coming hours/days, especially if BTC drops below $29.0k.
Conversely, MATIC could target immediate resistance levels of 61.8% Fib level and 78.6% Fib level if BTC reclaims $29.5k.
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