Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion
- MATIC’s near-term bulls defended the mid-range degree
- Shorts discouraged; CVD spot wavers
Polygon [MATIC] rebounded strongly from its mid-range degree of $0.8656 on 25 Might. The transfer adopted Bitcoin’s [BTC] try to remain agency throughout the $26k zone.
BTC breached the essential assist degree of $26.6k amidst FOMC Minutes, exposing it to extra aggressive promoting, however bulls have been preventing for restoration as of press time.
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However, MATIC’s rally faces a essential vary excessive that might stall bulls until BTC reclaims the $26.6k degree.
Will sellers achieve leverage on the vary excessive?
Supply: MATIC/USDT on TradingView
The Relative Power Index (RSI) crossed the median 50-mark, reiterating improved shopping for strain previously few hours. Equally, the Chaikin Cash Movement (CMF) edged larger, confirming elevated capital inflows to the asset as of press time.
The short-term uptrend momentum might increase MATIC to retest the vary excessive/decrease excessive round $0.89 – $0.90. A probable worth rejection at this degree to pull MATIC decrease, providing shorting alternatives at $0.8770, mid-range of $0.8656, or the vary low/assist zone of $0.84.
Bulls might re-enter the assist zone if it doesn’t crack on a probable retest. The extent traces up with a bullish order block (OB) on H12, shaped on 16 Might, and one other bullish OB on H2, shaped on 14 Might. As such, it may very well be a powerful assist and demand zone for bulls to launch a restoration.
A bullish breakout and session shut above $0.91 (vary excessive) might be an invalidation. Such an upswing might see MATIC goal at $0.94. Bulls might look ahead to a retest and confirmed uptrend at a variety excessive earlier than making an entry.
Shorts discouraged
Supply: Coinglass
How a lot is 1,10,100 MATICs price at present?
Based on Coinglass’s liquidation information, over $24k in shorts positions wrecked previously four-hours alone. Lengthy positions suffered lower than $200 price of wreckage, reinforcing a short-term bullish momentum.
Nevertheless, the Cumulative Quantity Delta (CVD), which tracks quantity and total sentiment, faltered previously two days after rising since 19 Might. This might reinforce sellers couldn’t be overruled, particularly upon the retest of the vary excessive.
Supply: Coinalyze
