The $0.71 roadblock has blocked MATIC’s further recovery, but a bullish BTC could offer bulls some hope.
However, MATIC saw a short pullback at the time of writing after faltering at the October 2022 low of $0.7102. Also, BTC dropped below $31k, which could explain MATIC’s short-term pullback.MATIC mounted above the recent lower high inflicted on 13 June, flipping the H4 structure bullish. However, the recovery faltered at the October low of $0.71.
The RSI has retreated from the overbought but eased at the 50-mark – buying pressure eased, but selling pressure wasn’t strong enough. Similarly, capital inflows were still impressive, as shown by the CMF above zero. Taken together, an attempt to smash the roadblock of $0.71 was still feasible, especially if BTC remains bullish. A retest on the breakout level at $0.71 could offer new buying opportunities targeting the $0.90 – $0.95 region.Conversely, bulls’ efforts could be undermined if the short-term support of $0.6530 cracks. Such a move could expose MATIC to a likely devaluation at the $0.51 price level.?
The 1-hour chart indicates CVD rose from 19 June but eased after hitting the October low. It shows buying volumes eased after MATIC hit the $0.71 roadblock. Similarly, the Open Interest retreated southwards, declining from about $124 million to nearly $110 million at press time. It denotes the increasingly bearish sentiment in the futures market. A retest of short-term support of $0.6530 could also offer another buying chance.
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