MATIC buyers in the $1.57 area can manage their positions if…

MATIC buyers in the $1.57 area can manage their positions if…

Disclaimer: The findings of the next evaluation are the only real opinions of the author and shouldn’t be thought-about funding recommendation

MATIC was buying and selling on the lows of a short-term vary that the worth has traded inside for practically two weeks. The vary lows even have the presence of a bullish order block. This meant that consumers are prone to have an interest within the asset within the brief time period as soon as once more. Shopping for strain might drive costs towards vary highs of $1.74.

MATIC- 1H

MATIC at range lows once again as it offers a buying opportunity

Supply: MATIC/USDT on TradingView

In early April, the worth visited the vary (orange) lows at $1.56 and noticed an instantaneous, impulsive transfer upwards. This noticed the formation of a bullish order block. It represents an space the place consumers are prone to have an interest, and if MATIC can climb again above $1.58 resistance, it could be extra seemingly that MATIC would see a leg upward.

There may be additionally confluence with the vary lows, marking this space (cyan field) as necessary within the subsequent few hours.

The $1.58, $1.61, and $1.65 ranges might current some resistance to the worth, and consumers within the $1.57 space can look to handle their positions if MATIC does handle to climb to the mid-range level.

Rationale

MATIC at range lows once again as it offers a buying opportunity

Supply: MATIC/USDT on TradingView

The RSI was simply above the oversold territory and had a price of 30.1 at press time. By itself, an oversold RSI shouldn’t be indicative of a bounce. Nevertheless, confluence with a bullish order block and vary lows means there’s a excessive reward, a low-risk shopping for alternative.

The OBV has fallen a bit up to now couple of days and was beneath a degree of near-term significance. If the OBV can pull itself again above the orange line, it might imply that bulls are vying for market management as soon as extra.

Conclusion

Whereas the symptoms confirmed bearish momentum and promoting strain had been sturdy in latest hours, there was chance that MATIC can see a bounce towards $1.65 within the subsequent few hours. Bitcoin was additionally buying and selling simply above a requirement zone and will see a bounce, which might seemingly affect MATIC positively.

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