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- The momentum and quantity indicators confirmed the patrons didn’t have a transparent higher hand
- The liquidity pocket at $0.57 was engaging, however it was unclear if MATIC might make the leap to achieve that stage
Polygon [MATIC] noticed a decline in complete worth locked (TVL) and day by day transactions in August. On 14 September Polygon announced the implementation of Polygon 2.0 and three Polygon Enchancment Proposals had been launched.
Learn Polygon’s [MATIC] Price Prediction 2023-24
The worth has been climbing slowly greater over the previous week however the greater timeframe development remained firmly bearish. But there was an opportunity that the worth might see a bounce within the coming days.
The market construction leaned in bullish favor
On the four-hour chart, MATIC climbed to $0.536 on 16 September. The earlier decrease excessive was at $0.529 on 10 September, which meant the latest bounce broke the bearish market construction. Furthermore, the upper low at $0.515 was additionally defended in latest hours and one other to $0.53 was registered.
This highlighted some bullish intent within the brief time period. The Relative Power Index (RSI) was above impartial 50 to indicate bulls might drive costs greater. The On-Stability Quantity (OBV) famous a minor transfer greater since 13 September. The OBV signaled some shopping for stress was current available in the market. Nonetheless, buying and selling quantity has been fairly muted up to now few days.
On the one-day chart, the latest decrease excessive was at $0.57, which meant it was a pretty liquidity pocket for MATIC to retest earlier than persevering with its greater timeframe downtrend. Given the marginally bullish outlook on the four-hour chart, a shopping for alternative was current, though it may very well be dangerous.
The market sentiment confirmed bulls can stay cautious
Whereas MATIC climbed from $0.511 to $0.534 up to now 24 hours, the Open Curiosity hardly climbed greater. The meager bounce the OI noticed was shortly extinguished upon a decrease timeframe dip from $0.534 to $0.522. The inference was that speculators had been cautious of bidding, and had been fast to ebook earnings and exit the market.
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The spot CVD additionally witnessed a downtrend since 16 September, which highlighted an absence of demand over the weekend. Regardless that the funding charge was constructive, MATIC bulls can await a transfer towards the latest lows at $0.511 earlier than trying to bid.