Disclaimer: The information presented does not constitute financial, investment, trading or any other advice and is solely the opinion of the author.
- Holders can book profits and send MATIC to a retracement.
- The sentiment and structure behind the asset remained bullish.
in the last five days Bitcoin It ranged from $25.2k to $23.5k. It had yet to be seen breaking the $25.2k resistance. Consolidation under resistance before an up move is likely to be a further boost for BTC.
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In turn, this could fuel the bullish sentiment behind the native Polygon coin. diplomatic It has performed remarkably well in recent weeks. Available evidence suggests further gains are likely, although a pullback could provide better rewards for buyers.
FVG can be filled near the key $1.3 level
As things stand, MATIC may not see a pullback to $1.3. The RSI is showing strong bullish momentum and the OBV is also making a series of higher lows.
This meant that there was a real lawsuit behind the rally. Also, bitcoin is below a major resistance level. If it breaks to the upside, MATIC is likely to follow.
On the other hand, a return to the $1.3 area would certainly attract long-term MATIC buyers. This was due to the presence of imbalances on the daily chart highlighted in white.
The $1.3 area has been important in the past. In early November, $1.3 offered strong resistance and the FTX burst meant strong selling pressure at $1.3.
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In the coming weeks, if this area were to be retested as support, it would provide a good risk-to-reward buying opportunity to target $1.6, where a bearish order locks in.
A bull order block at $1.18-$1.23 would be a more accurate place to wait for a breakdown of the lower time frame’s bull market structure before buying the MATIC.
The increase in the MVRV ratio showed potential for profit taking by holders
In early November, a rally to $1.3 was followed by a sharp rise in the 30-day MVRV ratio. This showed that short-term holders had huge profits. Even as of this writing, the increase in MVRV was largely indicating the same thing.
The funding rate remained positive, highlighting the bullish sentiment in the market. If MVRV were to return to the zero mark, buyers could look for opportunities that are in line with the price analysis.
The 180-day passive move peaked a few days ago and indicated that a minor wave of selling pressure could begin soon. Development activities have been falling throughout February.