- Polygon (MATIC) was in a bearish market construction.
- MATIC might fall to $0.7735 or decrease.
- A break above the resistance degree at $0.8153 would invalidate the forecast.
Polygon [MATIC] sentiment remained bearish for many of December 2022. The token was trapped between $0.8910 and $0.9490 within the first half of the month.
Nonetheless, within the second half of the month, the value dipped decrease till it discovered stable assist at $0.7735. At press time, the value was buying and selling at $0.7883 and will retest or break the present assist degree if the bears preserve their momentum.
Learn Polygon (MATIC) value prediction 2023-24
Polygon (MATIC): Bears can revenue from $0.7735
Supply: MATIC/USDT on TradingView
On the time of writing, MATIC bears threatened a value pullback that might settle at $0.7735, as urged by technical indicators.
Particularly, the Relative Energy Index (RSI) on the each day chart was at 39, with a slight slope within the decrease space bordering the oversold zone. It confirmed that promoting strain had elevated and will proceed if the bears continued to dominate the market.
The Cash Move Index (MFI) had additionally retreated from its overbought degree and confirmed a downward slope into the decrease space. This revealed that there had been a large distribution of MATIC, which elevated promoting strain.
Due to this fact, the market favored the bears and will push the MATIC value to $0.7735, $0.7637, or $0.7391. Relying in your danger tolerance, these can function short-selling targets.
The cease loss could be above $0.8153, so an increase above this degree would invalidate the above bearish forecast. Such an uptrend would trigger MATIC’s bulls to confront speedy resistance at $0.8153.
MATIC recorded regular accumulation for the reason that final week of November, however…
Supply: Santiment
Santiment information confirmed that MATIC has seen huge accumulation for the reason that finish of November. Since 21 November, there was a gradual enhance within the provide held by high addresses.
The elevated demand was additionally mirrored within the derivatives market, because the Binance Funding Fee for the MATIC/USDT pair remained fairly constructive throughout the identical interval.
As well as, sentiment remained constructive, regardless of a slight dip, and growth exercise elevated, as noticed by the point of publication. Might these situations make MATIC ripe for a value reversal?
How many Polygon (MATIC) are you able to get for $1?
Supply: Santiment
It’s price noting that the promoting strain, by press time, got here from the whales (with greater than 1b cash), who offered off whereas different teams piled on. So ought to traders observe the whales’ lead or go in opposition to it?
Supply: Santiment
