Polygon (MATIC) rose to a three-week high following its yesterday’s breakout that turned out to be false. The altcoin soared to an intraday high of £0.73 earlier today as bullish sentiment returned. Since mid-September, it has not reached a higher level than this one.
MATIC has seen quick gains on the price charts in the last few days. This coincided with the announcement by Robinhood of a partnership with Polygon as the brokerage decided to foray into the Web3 market.
A look at a range of MATIC revealed that it went from £0.63 to £0.90, with £0.766 serving as the halfway point. The significance of the range was increased by the fact that the price has been swaying within this range since mid-July.
After keeping below neutral 50 for part of September, the RSI surged back above it. This indicated a change in momentum from bearish to bullish.
A liquidity pocket was found at the £0.689-zone at the time of writing, where a bullish order block could develop over the next days. A buying opportunity could follow a revisit to this zone.
After such a retest, the altcoin could rise to £0.77 and £0.83, which can serve as take-profit levels.
The inflows chart showed that, when compared to August, inflows were lower in September. Even though there was a far bigger amount of MATIC going onto exchanges in July, the price increased from £0.44 to £0.87 during that month.
September’s inflows being a little depressed prompted a bullish question. Despite whales’ accumulation of MATIC, the asset might not avoid falling below the range lows if Bitcoin falls below £15.7.5k.
The crucial level of £0.689 may offer a buying opportunity in the coming week or two. This calls for Bitcoin to hold steady around the £17.4k mark or maybe surpass the £17.5k resistance.