Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. The trend and structure of MATIC were bearish. A plunge beneath the bullish order block will present selling opportunities on a retest. The crypto market has witnessed volatility in both directions over the past […]
was headed into a zone of support on the charts. If Bitcoin saw bulls take control, MATIC could perform well over the next week as well.The order block was highlighted in cyan. Since 2 February, the $1.17-$1.2 area acted as strong support for MATIC. On 13 February, the price descended beneath this area to reach as low as $1.136 but quickly rebounded.
The strong move upward marked it as a significant zone. The slow retracement over the past two weeks gave the buyers time to accumulate before the next push higher. Hence, over the next few days, a bullish reversal can be expected based solely on price action. Regardless, the momentum indicators continued to show stiff bearish pressure. The 21 and 55-period moving averages showed downward momentum was in force, while the RSI was also beneath neutral 50. It has been beneath neutral 50 since MATIC’s drop beneath the $1.42 mark.
Hence, risk-averse traders can wait for a definite shift in trend before buying. Meanwhile, the CMF continued to climb upward over the past few days to show a flow of capital into the market.The one-hour chart on Coinalyze showed Open Interest behind MATIC was falling over the past few days. Since 24 February, the price has tested the $1.3 area as resistance. Yet, each time the price tested this zone as resistance, the Open Interest continued to slump.
On 27 February, $300k worth of short positions were liquidated when MATIC rallied from $1.23 to $1.28, which highlighted the importance of caution on weekends.Subscribe to get it daily in your inbox.
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