Polyon [MATIC] buyers can deploy this strategy to remain profitable

ambcrypto.com:

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.

Recently, Polygon [MATIC] bulls found renewed pressure from its $0.74-$0.76 range support. This resurgence, however, resulted in a reversal pattern, the breakdown of which found support in the $0.8 region.

The altcoin has now entered its compression range near the Point of Control (POC, red) in the $0.9 zone. MATIC could likely see a dull phase before a plausible volatile break in the coming sessions.

At press time, MATIC was trading at $0.9052, up by 1.23% in the last 24 hours.

Source: TradingView, MATIC/USDT

The previous up-channel (white) growth aided MATIC bulls to breach the $0.74-$0.76 range and flip it to support. Since then, this range has supported MATIC’s retracement over the last month.

After a bearish pennant structure on the daily chart, the coin saw a near-term setback. But the bulls were quick to retaliate from the $0.8 baseline. The buyers are now striving to retest the $0.93 resistance.

As the price action sailed near the POC, MATIC could likely enter a slow-moving phase in the $0.88-$0.93 range in the coming sessions. With the 20 EMA (red) still looking north and maintaining its position above the 50 EMA (cyan), the buyers could aim to continue the near-term gradual recovery. 

A close above $0.93 would position the coin for an upside and hint at a buying signal. In this case, the potential target would lie in the $1.04 region.

An eventual close below the $0.88 support can provoke a near-term decline toward its long-term support range. The bulls must ramp up the buying volumes to sustain a close above the immediate resistance range.

Source: TradingView, MATIC/USDT

The Relative