Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- MATIC’s price hit another low amidst declining trading volume.
- Longs suffered severe liquidations over the past day.
Bitcoin’s [BTC] sharp drop from $25.8k to $25.1k over the past day saw altcoins register significant dips. The sustained selling pressure on Polygon [MATIC] had kept it around the $0.55 price zone, despite its soaring network activity.
Read Polygon’s [MATIC] Price Prediction 2023-24
Yet, MATIC’s price dropped another 8.8% to take price to the June low of $0.5 with the possibility of further dips.
Sellers took advantage of low volume to break critical support level
The Visible Range Volume Profile highlighted MATIC’s price action in relation to its trading volume.
The daily timeframe showed that the Value Area High (VAH) and Value Area Low (VAL) sat at $0.101 and $0.539, respectively. The Point of Control (POC) at $0.667 lay close to the VAL.
The POC is the area with the highest trading volume, and the strong bearish movement on 15 August revealed the dominance of sellers.
With the VAL acting as a dynamic support for bulls, sellers struggled to break below the level from late August to early September. However, the break below the VAL on 10 September signaled an extension of the bearish dominance.
This saw the Relative Strength Index (RSI) drop into the oversold zone to highlight the absence of buying pressure. Simi
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Author: Suzuki Shillsalot
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