Formally known as MATIC Network, Polygon (MATICBTC) did some really amazing numbers.
We can see that in the first half of this year this pair grew over 12,200%. Wow.
After hitting a new All-Time High in May the correction has been going now for more than 5 months but it seems that there can be more.
The 0.618 Fib. retracement level has been taken out and we see a Doji forming right above EMA50, but the chart structure is showing potential for additional correction.
If MATICBTC can move and stay above 0.00002574 weekly, the bullish potential opens up.
Every day/week that passes below this level and we are looking at a stronger correction.
Around 0.00001466 which is where the 0.786 Fib. retracement level is sitting can be a good support, this also coincides with EMA100.
Strong/fast price appreciation can lead to long-lasting corrections.
See the chart above for additional information.
Wishing you a lovely weekend. Wishing you great health, wealth, bliss, abundance, and infinite success.