Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice Market structure flipped bearish for MATIC and volatility was high Despite the large volatility, and against the market trend, a high-risk high-reward buying opportunity could soon arise MATIC rallied from $0.88 to $1.26 within a […]
falling below the $16.2k support, it appeared that the entire market could see another leg downward. In this background, MATIC offered a buying opportunity. Can the buyers hold their ground in the coming weeks?Source: MATIC/USDT on TradingView
MATIC traded within a range from $1.03 to $0.72 since mid-July. The sharp breakout in early has rapidly reversed two weeks ago. At that time, the technical indicators leaned in favor of the bulls. The Relative Strength Index shot into overbought territory while the Chaikin Money Flow and Accumulation/Distribution indicator also saw a decent uptick. However, all of this took a bearish shift in the past few days.
On 21 September, the daily trading session formed a bullish order. It was near a significant level at $0.74, and the price action in late September showed a bullish market structure development. This order block was highlighted in cyan, and it has been tested twice since then. Both times saw a strong bullish reaction.
A revisit to the $0.74-$0.76 region will likely offer a buying opportunity. Invalidation would be a daily session close beneath $0.68, with targets being $0.88 and $1.03 to take profit at. However, the Bollinger Bands were wide. Even though a visit to the lower band at $0.69 can be bought in the hopes of a mean reversion, buyers would need to be cautious, especially given Bitcoin’s weakness on the charts.
The 365-day Market Value to Realized Value witnessed a surge since May but was not yet in positive territory. It briefly breached the 0 mark on 7 November, but the subsequent selling pressure put longer-term holders at a loss once more.Subscribe to get it daily in your inbox.
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