Polygon [MATIC] has reached a key support level at $1.3531, which could give bulls hope for a rebound. However, there were conflicting metric signals, and investors could get clarity on Bitcoin’s [BTC] price action soon.

MATIC’s momentum slowed down after breaking below the ascending channel (white). However, it found solid support at $1.1381 and recovered. Last week, it gained 38% but was rejected at $1.5681. After that, a price correction eroded almost half of last week’s gain.

However, bears could get more opportunities if BTC falls below $23.86k. They could short MATIC and buy back at the 38.20% or 23.60% Fib level. But bears should only make moves if MATIC closes below the 50% Fib level.

Alternatively, bulls could target the 78.60% Fib level of $1.4761 if the 50% Fib support level holds. However, near-term bulls must overcome the obstacle at the 61.80% Fib level to advance upward.

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