MATIC bounces off support - Gearing up for a run at $1?

OI is up, but the issue is Funding at 0.02% (high), although it's come down from 0.05%.

TLDR

• MATIC  bounced from the key $0.73-$0.75 support level and set upside targets of $0.94 & $1.0.
• Funding hit concerning levels of 0.05% but has since pulled back to 0.019%.
• Open interest middle-of-the-road, RSI suggests room to run higher on most timeframes.
• We see a possible retest of $0.75 support and would DCA there for long-term holds.

Disclaimer: Not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results. “One Glance” by Cryptonary sometimes uses the RR trading tool to help you quickly understand our analysis. They are not signals, and they are not financial advice.

Technical analysis

• Despite being out of the main uptrend, MATIC  has bounced well from its horizontal support of $0.75 to $0.77. 
• We now see upside targets of $0.94 and $1.01.
• The RSI remains well beneath the overbought area on all major timeframes. This positive sign suggests that MATIC has more room to run higher.

Market mechanics

• Open Interest remains at a middle level of $240m, comfortably below its yearly highs of $305m.  
• The OI-Weighted Funding Rate is at 0.019%, which is relatively high but not at concerning levels. However, it came off at concerning levels this morning, reaching 0.050%. Most of these excess Longs have been flushed out. We need to be wary if Funding ramps up again. 

Cryptonary’s take

If MATIC retested $0.75, we would look to add light DCA orders with a 12-18 month time view.