MATIC Consolidates Losses Above Key Support Level, Market Volatility Expected

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Why MATIC could extend its narrow price range

The Fed considers the US CPI data a key inflation metric during Fed rate decisions. So, whether CPI comes higher or lower than expected in July, the outcome will induce a little market volatility.A Fibonacci retracement tool was placed between mid-July highs and June lows. The extended drop from mid-July has eased above 38.2 Fib level . Put differently, MATIC consolidated losses above $0.655. That makes the $38.25 Fib a key support.

The early week upside didn’t cross the recent lower high at the 50% Fib level . The subsequent retesting of the level as resistance could set MATIC to a range-bound extension ahead of July CPI data. But bulls could only showcase strength when they flip 50% Fib level to support, which is highly unlikely, especially if BTC closes below the $29.5k range-low on higher timeframe charts.

Otherwise, a bearish breakout from the narrow price range of $0.66 – $0.70, especially if CPI data is higher than expected, could ease at the daily bullish order block and 23.6% Fib level . The positive readings from RSI and CMF at the time of writing underscored recent buying pressure and capital inflows.On the early Asian trading session on 10 August, MATIC’s buying volumes had eased to around 48% against a selling volume of 52%. It shows sellers gained little control and reinforces a short-term bearish sentiment ahead of July CPI data.

 

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