MATIC dropped below $0.60, but there was significant interest at the discounted level of $0.50. Will sellers exit the market?
price swings. BTC’s foray on the $28k tipped MATIC to grace $0.6 but reversed after king coin retreated to $26k.A similar retracement below $0.6 in August saw MATIC hit $0.53 before rebounding towards $0.65. In the meantime, BTC eased to range-lows and critical support around $25.8k.In the second half of August, MATIC dropped below the H12 bullish order block of $0.558 – $0.595 . Besides, the price area is a larger zone of a weekly bullish OB of $0.418 – $0.597 .
Although the price didn’t go below the weekly bullish OB, the slight plunge below the H12 bullish OB was followed by a narrow consolidation and an over 16% upswing. BTC could enter a narrow consolidation before chalking a clear direction from Monday . So, MATIC could follow suit and consolidate above $0.50 before attempting an upside toward the 50-EMA of $0.60 or $0.65.
Key chart indicators printed negative readings, which could cement sellers’ short-term control. For example, the RSI was in the lower range while the CMF struggled to move beyond zero level. The above denotes elevated sell pressure and muted capital inflows.Considerable buy limit orders placed towards $0.50
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