Polygon [MATIC]: Short-term investors outperform long-term holders, here's how
The three-hour chart showed a strongly bullish MATIC with an RSI value of 73. But the value is also in the overbought zone, which makes MATIC ripe for a price reversal. In addition, the Chaikin Money Flow moved southwards, showing a weakening short-term market structure.
Short-term sellers could target the 78.6% Fib level of $1.4760 or $1.4498 support level, especially if BTC breaks below the $24.42K level.The bearish thesis will be invalid if MATIC clears the bearish order block and closes above the 100% Fib level of $1.5686. Such an upswing will allow short-term bulls to profit at $1.6444 or $1.6906.
A CMF break below the zero line would give bears more leverage. However, a rebound from the level would reinforce the bullish structure.MATIC’s weighted sentiment sharply dropped following BTC’s unexpected fall from the $25K level. But the sentiment remained positive; thus, bulls could attempt an extra rally. In addition, MATIC saw increased active addresses, which could boost buying pressure and the uptrend.
However, monthly holders saw positive profits from 7% to about 25% by press time, as shown by the 30-day MVRV . In contrast, long-term holders were struggling to recover losses. Long-term holders were at -10%, as shown by the 365-day MVRV, indicating that they were yet to post gains despite the recent rally.Subscribe to get it daily in your inbox.
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