MATIC extends retracement – Are bears back in the game?
Disclaimer: The knowledge offered doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the author’s opinion.
- Bears may very well be making an entry again after value rejection at crucial resistance degree.
- Shorts maintain 53.47% benefit in lengthy/brief ratio.
Polygon [MATIC] regarded to place behind its current losses with a powerful upward climb from a key assist degree. Nevertheless, the bearish market construction curtailed the bullish transfer over the previous week.
Learn Polygon [MATIC] Value Prediction 2023-24
Whereas bulls have been nonetheless energetic, Bitcoin’s [BTC] sideways motion under $30k may give MATIC sellers extra alternatives.
Bulls preserve uptrend regardless of pullback
Supply: MATIC/USDT on Buying and selling View
The 12-hour value chart revealed a continuation of MATIC’s uptrend, regardless of the current pullback encountered by bulls. The rally from the $0.5274 assist degree made a collection of upper lows earlier than experiencing important resistance on the $0.8503 degree.
The value rejection at this degree minimized the bullish conviction of simply pushing previous the resistance ranges, regardless of value persevering with on an upward trajectory. Though bulls instantly discovered assist on the crucial $0.7414 assist degree to halt the retracement, the on-chart indicators confirmed waning bullish momentum.
The Relative Power Index (RSI) dipped towards the impartial 50 mark whereas the On Steadiness Quantity (OBV) additionally eased barely. Taken collectively, it highlighted the drop in shopping for strain and demand for MATIC.
A bearish retest of the $0.7414 assist degree may see an aggressive dip to the $0.6000 – $0.6500 territory. Nevertheless, bulls have a double-layer protection within the assist degree and a bullish trendline. A break under this bullish confluence would sign a transparent shift in momentum.
A profitable rebound for bulls on the assist degree may see a push for the $0.9504 value degree which noticed a variety of sideways value motion between Could and June.
Momentum lies with sellers
Supply: Coinglass
How a lot are 1,10,100 MATICs price at this time?
Shorts registered their energetic presence by holding onto a big share of the open contracts for MATIC. A have a look at the alternate lengthy/brief knowledge from Coinglass on the 12-hour timeframe revealed a 53.47% swing in favor of sellers.
This advised {that a} retest of the $0.7414 degree was possible and the value response on the degree may both tip the stability within the favor of patrons or sellers.
