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Polygon [MATIC] steadies near $1.026; Shorting gains limited?

Press Releases Crypto News AMB-Crypto Polygon [MATIC] steadies near $1.026; Shorting gains limited?

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

MATIC retraced by 15% before steadying at current levels.
Selling pressure eased, but short-term bears still had more leverage.

Polygon [MATIC] depreciated by 15%, dropping from around $1.18 to $0.9998. The plunge followed persistent Bitcoin [BTC] correction in the past week. BTC lost hold of the $30k price range and was hovering within $27k at press time.

Read Polygon [MATIC] Price Prediction 2023-24

However, MATIC’s price steadied near $1.026, at the time of writing – a trend that may undermine short-sellers’ efforts. Nevertheless, sellers couldn’t be overruled wholesomely, as any hawkish Fed announcement next week (2-3 May) could exert more downward pressure on the crypto market.

A recovery, consolidation, or retracement for MATIC?

Source: MATIC/USDT on TradingView

BTC’s correction forced MATIC to inflict a bearish breakout from its previous $1.14 – $1.18 range. Sustained selling pressure saw MATIC break below key supports. But the plunge has since steadied within the $0.9998 – $1.0261, at the time of writing.

Notably, the ADX (Average Directional Index) increased but was flat, showing the strong downtrend eased.

Meanwhile, the RSI attempted pullback from the oversold zone, indicating mild buying pressure. But the stochastic RSI hit the overbought zone – meaning buyers could give space to sellers again.

Ergo, MATIC could be constricted within the $0.9998 – $1.0261 range, depreciate to $0.9735, or the March s

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Author: Suzuki Shillsalot

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