MATIC/USDT buy opportunity: riding the Polygon’s rally

Polygon gained 36% since last month after it made a double bottom pattern around the 0.5016 support level. Currently, the price is attempting to make some retracement before jumping to new highs.

The price could drop and retest the 0.6176 support level and 0.618 Fibonacci level this week, which I am considering for a buy entry as it is a strong support level and there is also a bullish order block around the same price.

However, if the price does not retrace to the 0.6176 support level and breaks above the 0.6894 recent high then I will consider the 0.6492 price level for a long entry.

Fundamentally, the Polygon will possibly continue its rally as OpenSea pro goes live on Polygon and Ethereum.

Moreover, the overall crypto market is on the road to recovery as the market sentiments have shifted from “Fear” to “Greed”.

• MATIC/USDT recovered 36% since last month after it made a double bottom pattern around 0.5016.
• I am expecting the price will rally to the 0.7401 resistance level in the coming days.
• Multiple take-profit levels have been added to secure profit along the way.
• The risk-to-reward ratio on this trade is 1:6.
• The entry and stoploss prices have been placed at secure levels with the least probability of getting hit.
• Good luck!

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