MATIC price presents a long entry trigger at these lows
|- MATIC price shows a confluence of two major support levels at $1.33.
- A retest of this barrier is key in catalyzing an exponential run-up to $2.1.
- A daily candlestick close below $1.15 will create a lower low and invalidate the bullish thesis.
MATIC price created a ceiling at a crucial level and has been in a downtrend ever since. The recent bounce established a local top, but investors can expect a minor retracement toward a support confluence to trigger massive buying pressure.
MATIC price face decisive moment
MATIC price set up a double top at $2.1 and then dropped 44%. As Polygon trades around $1.51, investors can expect a minor downtrend to begin. This move would be a bullish retracement due to a confluence of the equal lows formed at $1.33 and the three-day demand zone, extending from $1.15 to $1.35.
A bounce off this junction will be a key in collecting liquidity and triggering a massive run-up for MATIC price. Interested investors can enter long at $1.33 and await an explosive rally.
The levels of interest for booking profits include $1.54, where the first equal high is present. Beyond this Polygon, bulls will encounter the $1.64 and $1.94 resistance barriers. If bullish momentum is adequate, MATIC price will likely flip these hurdles into a foothold, allowing the altcoin to make a run for the $2 psychological level.
Market makers are going to extend this move to $2.1 and higher, to collect the liquidity resting above these equal highs.
MATIC/USDT 6-hour chart
While things are looking up for MATIC price, a failure to hold above the support confluence will indicate a weakness among buyers.
A daily candlestick close below $1.15 will create a lower low and invalidate the bullish thesis for MATIC price and open the path for further correction. So, interested buyers can place their stop-losses at this level.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.