• MATIC/USDT on TradingView saw a bullish breaker from early December 2022, with strong support at $0.92.
• Bitcoin [BTC] is currently trading near the $21.2k and $20.8k levels, which could cause a dip below $20.8k and drag the altcoin market lower.
• MATIC traders could take advantage of the market dip, as the $0.91-$0.95 area acted as stern resistance in December and the 50% retracement level lies near $1.

Polygon’s native token, MATIC, has seen a sharp rally since September, rising from $0.69 to $1.3. The 12-hour chart for MATIC/USDT on TradingView showed a bullish breaker from early December 2022, with strong support at $0.92. The breaker was formed from the area highlighted in cyan which previously acted as stern resistance. This area was further bolstered by the 50% retracement level, which lies near the psychological, round number level of $1.

At the same time, Bitcoin [BTC] is currently trading near the $21.2k and $20.8k levels. A dip below this could see BTC revisit the $20k mark and drag the altcoin market lower. This scenario would be ideal for MATIC traders, as it would provide a good risk-to-reward buying opportunity.

Overall, the higher timeframe market structure was bullish and traders could look for pullbacks to buy. MATIC traders could take advantage of the market dip, as the $0.91-$0.95 area acted as stern resistance in December and the 50% retracement level lies near $1. Altcoins across the market saw lower timeframe selling pressure and retraced a minor amount of the gains they have noted over the past two weeks. Polygon’s [MATIC] native token was one such on the price chart. With the confluence of horizontal support, breaker, and Fibonacci levels, MATIC could be in for further upward momentum.