MATIC is on a strong uptrend, buyers can re-enter at…

ambcrypto.com:

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Over the past five days, Bitcoin oscillated between $25.2k and $23.5k. A breakout past $25.2k resistance was not yet seen. A consolidation under resistance before a move upward was a likely course forward for BTC.

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In turn, this could boost the bullish sentiment behind the native token of Polygon. MATIC has performed remarkably well in recent weeks. The evidence at hand showed further gains were likely, although a pullback could offer better rewards for buyers.

Source: MATIC/USDT on TradingView

As things stand, MATIC might not see a retracement back to $1.3. The RSI showed strong bullish momentum and the OBV was also making a series of higher lows.

This meant that genuine demand was behind the rally. Furthermore, Bitcoin sat beneath a significant resistance level. If it broke out upward, MATIC would be likely to follow.

On the other hand, a pullback to the $1.3 area would be certain to interest longer-term MATIC buyers. This was because of the presence of an imbalance on the charts on the daily chart, highlighted in white.

The $1.3 area has been significant in the past. In early November, $1.3 offered stern resistance, and the FTX implosion meant heavy selling pressure originated at $1.3.

How much are 1, 10, and 100 MATIC worth?

In the coming weeks, if this area was retested as support, it would offer a good risk-to-reward buying opportunity targeting $1.6, where a bearish order block lay.

The bullish order block at $1.18-$1.23 would be a more precise location to await lower timeframe bullish market structure breaks before