Polygon (MATIC/USD) has corrected by over 40% from its high of $2.3 at the end of October, but is now at the bottom of the trendline. The formation of bullish candles in the last 2 days suggests that the bulls will soon return to theü and Matic could start a new rally. This could be a great opportunity for investors who missed the previous rally. In addition, the situation would also be great for a buy-the-dip.
After reaching a high of $2.3, Matic has now fallen by over 40% to $1.46. However, on Wednesday, a strong candle formed at the bottom of the trend line, indicating that a reversal will be seen soon.
Matic is also fundamentally a big-type coin. Therefore, this slump could be a great opportunity for investors to enter at a lower price for long-term views.
Matic was also in the RSI demand zone on Wednesday and has started a slow increase, which indicates an early reversal.
Matic has broken through the 50-day moving average, which is a sign of Stärke. Investors can take long positions when Matic is able to hold above the 50-day moving average.
A stop loss can be held at $1.36 at the 200-day moving average, with targets at $2, followed by $2.45. A new all-time high could also be reached in the coming months.
The bulls could return to Matic because the correction looks like it will end soon. However, investors should wait for a clear reversal before taking a long position.
Is the correction of Polygon finally over? appeared first on Coin Hero.