Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- The daily market structure of MATIC was bearish.
- The lack of a strong reaction from the $1 area meant demand for MATIC was weak.
On 15 April, the momentum of MATIC on the price charts appeared to flip bullish, but this was reversed just a few days later. Thereafter the price dropped from $1.18 to $0.95 on 26 April. Since then, neither the bulls nor the bears were able to force a strong move for MATIC.
Read Polygon’s [MATIC] Price Prediction 2023-24
While the lower timeframe charts showed a range formation just beneath the $1 level, the bearish pressure seen on the higher timeframe charts could eventually force another move downward for MATIC.
The market structure was bearish and the bulls could be exhausted
MATIC formed a bullish order block (cyan) on the daily timeframe at the $0.93-$1.02 region on 18 January. At that time, this minor dip was followed by a strong move up to $1.5. In early March, a retest of this demand zone saw MATIC bounce to reach the $1.24 resistance.
Thereafter, the bulls were forced to retreat, but it highlighted the importance of this region on the price charts. It has confluence with the support level at $0.94 as well as the psychologically important $1 level.
In late April, the losses of MATIC were not staunched at $1. The RSI was at 41 to show bearish momentum. The CMF was below -0.05 over the past week as well. This showed strong capital flow out of the Polygon market.
Beneath $0.94, the next support levels to watch out for are $0.837 and $0.77.
How much are 1, 10, or 100 MATIC worth today?
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Author: Akashnath S
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