Disclaimer: The information presented is not financial, investment, trading or other advice and is solely the opinion of the author.
- MATIC entered the overbought zone on the lower time frame charts.
- Monthly headlines saw gains of 7% to 25% at press time.
of polygons (MATIC) The recent rally is a win for all investors. But short-term holders outperformed long-term holders in the recent rally.
MATIC posted gains of more than 20% and 7% in the last seven days and 24 hours, respectively. But long-term holders were still in the red.
Reading (MATIC) polygon value prediction 2023-24
MATIC forms a bearish order block – will momentum slow?
The three hour chart shows strong bullish momentum with an RSI value of 73. Additionally, Chaikin Money Flow (CMF) turned south showing a weak short-term market structure.
Short-term sellers can target the 78.6% Fibonacci level of the $1.4760 or $1.4498 support, especially if BTC falls below the $24.42K level.
how much is 1,10,100 matic is it worth it today?
The bearish thesis will be invalidated if MATIC clears the bearish order block and closes above the 100% Fibonacci level of $1.5686. Such a move up will turn the short-term bulls into profit of $1.6444 or $1.6906.
A CMF break below the zero line will give more leverage to the bears. However, a bounce off the level would strengthen the bullish structure.
Short-term holders saw gains, but long-term holders struggled to offset losses
Source: Feeling
MATIC’s weighted price fell sharply following BTC’s unexpected drop from the $25K level. But the sentiment remained positive; Therefore, the bulls may attempt a further rally. Additionally, MATIC has seen an increase in active addresses, which could lead to buying pressure and an uptrend.
However, monthly headlines saw positive gains ranging from 7% to nearly 25% at press time, as shown by 30-day MVRV (Market Value to Realized Value).
By contrast, long-term holders struggled to recoup losses. Long holders were at -10%, as shown by the 365-day MVRV, indicating that they had yet to book a profit despite the recent rally.
Source: Feeling
