Polygon’s [MATIC] short-term prediction for noise traders, and market timers

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MATIC was in a bearish market structure. It could break below $0.7652. A break above $0.7781 would invalidate the above forecast. Since 28 December, Polygon [MATIC] has experienced several price rejections at $0.7652. In addition, Bitcoin’s [BTC] recent sideways market structure has also prevented the altcoin market from moving higher. MATIC has since fallen and […]

MATIC’s recent freefall has broken a few supports, including the immediate supports at $0.7827, $0.7755, and $0.7736. However, technical indicators suggested that it could plummet further.

The on-balance volume also declined steadily, suggesting that the decline in trading volume contributed to easing buying pressure. In addition, Chaikin Money Flow was below zero, thus reinforcing that the bears had more influence on the market at the time of the press release. They can also serve as discounted buying opportunities, as MATIC was in an oversold area, one of many conditions that can influence a price reversal.

 

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