Polygon [MATIC]: Bulls fixated on a key swing high, is it even reachable

📆 3/18/2023 4:33 AM
📰 CryptoAmb

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion Lower timeframe charts were bullish, while the daily chart was neutral at press time. Funding rates were positive alongside surging open interest rates. Before getting a steady ground, Polygon [MATIC] depreciated 40%, from $1.57 […]

, retested its recent high of $26K, which could push most altcoins, including MATIC, to aim at their local highs too.

The first leg faced rejection at 50% Fib level , and the second leg, seen at press time, could attempt to restest the same level if bulls overcome the hurdle at 38.2% Fib level . However, failure to close above the 38.2% Fib level could attract bears to sink MATIC to the 23.6% Fib level or the swing low of $0.94, especially if BTC faces sharp retracement from $26K.

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