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Polygon [MATIC]: Bulls fixated on a key swing high, is it even reachable

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion Before getting a steady ground, Polygon [MATIC] depreciated 40%, from $1.57 to $0.94.

Bulls got refuge at $0.94, fronting a recovery that hit a price ceiling at 50% Fib level ($1.2558). The second leg of recovery was on at the time of writing, but bulls must overcome a key obstacle to hit a recent swing high.

Is your portfolio green? Check out the MATIC Profit Calculator   The king coin, Bitcoin [BTC] , retested its recent high of $26K, which could push most altcoins, including MATIC, to aim at their local highs too.

However, if BTC faces price rejection at the $26K level, the rest of the altcoin market could enter into a retracement. Source: MATIC/USDT on TradingView MATIC’s uptrend rally in the second half of January chalked an ascending channel.

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