Polygon

Polygon (<a href="https://www.blockhead.co/tag/polygon/" rel="noopener noreferrer nofollow">MATIC’s</a>) bullish recovery hit a brick wall at the $0.942 resistance level, as bulls caved into the selling pressure. This extended the range-bound movement of the native token of the Polygon blockchain.With MATIC hovering around the mid-range price zone, traders can leverage both short and long opportunities in this price range.<h3 id="bullish-momentum-can-t-break-past-the-1-sell-zone-barrier">Bullish Momentum Can’t Break Past the $1 Sell Zone Barrier</h3>The resistance levels at $0.942 and $1.065 have recently limited the bullish momentum. With these price zones still holding a lot of sell orders, buyers have found it difficult to scale the price hurdle.This has contributed to MATIC trading within a compact range, affording intraday traders the opportunity for short-term profit moves by trading the range.With MATIC currently trading at $0.844, short-term traders can ride the downtrend to the $0.753 support level for 10% gains. The strong buying pressure at the support level would allow intraday traders to ride MATIC back up to the $0.9 price zone for potentially 20% profits.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/82380bb8084f4639970595e0fd166f32.png" />MATIC/USDT on TradingView (Daily Timeframe)However, traders should watch out for a bullish candle close on the daily timeframe before going long if price gets to the support level.Based on MATIC&#39;s historic price action, the above price setup can be achieved within a week of trading.In the meantime, the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) highlighted the short-term bearish move by remaining under the neutral 50 and posting a bearish crossover respectively.<h3 id="targets">Targets</h3>Traders can seize the short-term profit opportunities before a break of either the support or resistance levels leads to a long-term trend for MATIC.CMP (as of time of writing): $0.0844Resistance Level: $0.942Support Level: $0.753Attainable Profit: 10% for short and 20% for long.Subscribe to Blockhead&#39;s daily newsletter for <a href="https://www.blockhead.co/#/portal/signup" rel="noopener noreferrer nofollow">FREE </a>and stay in the loop on digital assets. Follow our <a href="https://twitter.com/blockhead_co" rel="noopener noreferrer nofollow">X</a> and <a href="https://t.me/blockhead_co" rel="noopener noreferrer nofollow">Telegram </a>for our latest updates too!

MATIC: Trade this Price Range for Short-Term Gains

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