Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- MATIC saw a bullish structure break over the weekend
- Its rejection at the mid-range mark combined with a lack of accumulation was worrisome for the bulls
Polygon [MATIC] saw a large uptick in its daily active addresses and transactions. The positive developments on-chain was accompanied by a steep decline in total value locked (TVL) over the past week. The price action of MATIC showed a token stuck within a range for six weeks.
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A previous analysis by AMBCrypto dated 14 October noted that MATIC reflected strong bearish sentiment in the market. While the indicators and price action continued to reflect a bearish bias, over the past two days MATIC climbed from $0.515 to $0.544.
The range formation could be a key factor in the coming weeks
The 12-hour chart above showed a range formation (yellow) that extended from $0.5 to $0.588, with the mid-range mark at $0.544. The range lows were bounded by a bullish order block (cyan box) on the weekly chart that extended to $0.315. To the north, there was an H12 bearish OB (red box) that MATIC bulls have not yet breached.
This range was credible because MATIC respected the high and the low. Most importantly, the mid-range level also served as support and resistance over the past six weeks and drew attention to the validity of the range plotted.<
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Author: Akashnath S
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