![Polygon [MATIC] steadies near $1.026; Shorting gains limited?](https://i.headtopics.com/images/2023/4/23/cryptoamb/polygon-matic-steadies-near-1-026-shorting-gains-l-polygon-matic-steadies-near-1-026-shorting-gains-l-1650191054128160768.webp)
Despite signs of easing short-term selling pressure, MATIC may fluctuate as traders wait for the next Fed announcement on 2-3 May.
correction in the past week. BTC lost hold of the $30k price range and was hovering within $27k at press time.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 could exert more downward pressure on the crypto market.BTC’s correction forced MATIC to inflict a bearish breakout from its previous $1.14 – $1.18 range.
Ergo, MATIC could be constricted within the $0.9998 – $1.0261 range, depreciate to $0.9735, or the March swing low of $0.9439. The downtrend could be accelerated if BTC drops below the $27k price range. This level could be a good buying level, especially if MATIC retests the $1.18 price ceiling. Conversely, MATIC could aim at the 50-EMA without hitting lower supports, especially if BTC reclaims $28k and $29k price ranges. But near-term bears must clear the $1.0261 and $1.05 hurdles to gain little leverage.
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