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- Bears might be making an entry again after worth rejection at important resistance degree.
- Shorts maintain 53.47% benefit in lengthy/brief ratio.
Polygon [MATIC] appeared to place behind its latest losses with a powerful upward climb from a key help degree. Nevertheless, the bearish market construction curtailed the bullish transfer over the previous week.
Learn Polygon [MATIC] Worth Prediction 2023-24
Whereas bulls have been nonetheless energetic, Bitcoin’s [BTC] sideways motion beneath $30k might give MATIC sellers extra alternatives.
Bulls preserve uptrend regardless of pullback
The 12-hour worth chart revealed a continuation of MATIC’s uptrend, regardless of the latest pullback encountered by bulls. The rally from the $0.5274 help degree made a collection of upper lows earlier than experiencing vital 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 worth persevering with on an upward trajectory. Though bulls instantly discovered help on the important $0.7414 help degree to halt the retracement, the on-chart indicators confirmed waning bullish momentum.
The Relative Energy 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 help degree might see an aggressive dip to the $0.6000 – $0.6500 territory. Nevertheless, bulls have a double-layer protection within the help degree and a bullish trendline. A break beneath this bullish confluence would sign a transparent shift in momentum.
A profitable rebound for bulls on the help degree might see a push for the $0.9504 worth degree which noticed a number of sideways worth motion between Could and June.
Momentum lies with sellers
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 information from Coinglass on the 12-hour timeframe revealed a 53.47% swing in favor of sellers.
This urged {that a} retest of the $0.7414 degree was seemingly and the worth response on the degree might both tip the steadiness within the favor of consumers or sellers.