Warning: unlink(/tmp/jnewslibrary-WI4k1w.tmp): No such file or directory in /home/customer/www/coinparative.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 142
Here is why MATIC traders can expect selling pressure to increase at $1.03 | Coinparative
Coinparative

  • News
    • Crypto News
    • Blockchain News
    • Altcoin News
    • Press Release
    • NFT News
    • Metaverse
    • Web3.0 News
    • Trending
  • Insights
    • Explainer
    • Research
  • Guides
  • Market
    • Market analysis
    • Market News
    • Reviews
    • Price Index
  • Videos 🚀
No Result
View All Result
  • About Us
  • Contact
  • jeet-detector-bot
    JDB(JDB)
    $0.00-0.61%
  • bitcoin
    Bitcoin(BTC)
    $0.00-0.61%
  • ethereum
    Ethereum(ETH)
    $0.000.410%
  • usdex-stablecoin
    USDEX(USDEX)
    $0.00-0.53%
  • tether
    Tether(USDT)
    $0.00-0.23%
  • binancecoin
    BNB(BNB)
    $0.00-0.99%
  • usd-coin
    USD Coin(USDC)
    $0.00-0.31%
  • ripple
    XRP(XRP)
    $0.000.430%
  • binance-usd
    Binance USD(BUSD)
    $0.000.080%
  • cardano
    Cardano(ADA)
    $0.000.870%
  • dogecoin
    Dogecoin(DOGE)
    $0.00-1.24%
  • matic-network
    Polygon(MATIC)
    $0.005.42%
  • okb
    OKB(OKB)
    $0.000.340%
  • solana
    Solana(SOL)
    $0.000.920%
  • staked-ether
    Lido Staked Ether(STETH)
    $0.000.290%
  • shiba-inu
    Shiba Inu(SHIB)
    $0.00-1.81%
  • polkadot
    Polkadot(DOT)
    $0.00-0.31%
  • litecoin
    Litecoin(LTC)
    $0.00-0.99%
  • avalanche-2
    Avalanche(AVAX)
    $0.00-0.45%
  • tron
    TRON(TRX)
    $0.002.83%
View All
Coinparative
Home Market Market analysis

Here is why MATIC traders can expect selling pressure to increase at $1.03

January 24, 2023
in Market analysis
242 10
A A
0
Here is why MATIC traders can expect selling pressure to increase at $1.03
Share on FacebookShare on Twitter

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • The $1.05 has posed stern resistance in the past two weeks. 
  • A revisit to the 12-hour bullish breaker and Fibonacci retracement level could be expected.

Polygon [MATIC] saw bullish sentiment rise in recent weeks. On-chain metrics showed a large uptick in the number of new users, and the price action of the native asset also highlighted strong demand behind the rally.


Read Polygon’s [MATIC] Price Prediction 2023-24


While the higher timeframe bias remained bullish, MATIC formed a lower timeframe range. At the time of writing, it approached the highs of this range, making another rejection likely.

The ten-day range has been respected so far, traders can look to enter short positions

A range between $0.92 and $1.03 was highlighted in orange. MATIC has traded within this range for the past 10 days. The lower extreme of the range coincided with a bullish breaker (cyan) from early December on the 12-hour chart.

The upper boundary has seen many candlewicks as high as $1.05, but no four-hour session closed above it in the past two weeks. Although a breakout was still possible, it was better to trade within the range than to seek a breakout.


Is your portfolio green? Check the Polygon Profit Calculator


The RSI has formed lower highs in the past week, as has the OBV. This indicated muted buying strength. Until the liquidity pocket at $1.03-$1.05 is broken by a session close above $1.05, traders can look to short MATIC in that area. The profit targets are the mid-range mark at $0.98 and the range low at $0.92.

Futures market participants remain bullish

MATIC nears a resistance zone, should traders expect another rejection?

On 19 January, the price revisited the range lows and the 12-hour bullish breaker at $0.92. The very next day, MATIC bounced to the range high and caused numerous short positions to be liquidated. Coinalyze’s data showed that $1.11 million worth of short positions liquidated within a four-hour session on January 20.

The inference was that the move south to $0.92 invited a lot of bearish attention. The violent surge upward that followed wiped them out. This also reinforced the strength of the range extremes. A retest of the $0.92-$0.93 levels could thus be used to buy MATIC.

Source: AMBCrypto

Share196Tweet123Share34Pin44ShareSend

Related Articles

AVAX crosses above downtrend line – is a recovery sustainable
Market analysis

AVAX crosses above downtrend line – is a recovery sustainable

February 8, 2023
1.4k
Examining Litecoin’s [LTC] chances of reaching $130 after bullish breakout
Market analysis

Examining Litecoin’s [LTC] chances of reaching $130 after bullish breakout

February 8, 2023
1.4k
Fantom: Here are the levels to watch out for after FTM’s $0.65 rejection
Market analysis

Fantom: Here are the levels to watch out for after FTM’s $0.65 rejection

February 8, 2023
1.4k
Should Dogecoin buyers wait for a breakout past this psychological level before bidding?
Market analysis

Should Dogecoin buyers wait for a breakout past this psychological level before bidding?

February 7, 2023
1.4k
XRP retests support zone: Bulls can look to book profits here
Market analysis

XRP retests support zone: Bulls can look to book profits here

February 7, 2023
1.4k
Ethereum [ETH] bulls, watch for a reaction at these levels to buy
Market analysis

Ethereum [ETH] bulls, watch for a reaction at these levels to buy

February 7, 2023
1.4k
Load More

Discussion about this post

Coinparative

2022 © All Rights Reserved.

Coinparative specializes in the digital News and research on cryptocurrency, Digital Assets and Blockchain

  • Advertise
  • Privacy Policy
  • Terms
  • About Us
  • Contact

Follow Us

No Result
View All Result
  • News
    • Crypto News
    • Blockchain News
    • Altcoin News
    • Press Release
    • NFT News
    • Metaverse
    • Web3.0 News
    • Trending
  • Insights
    • Explainer
    • Research
  • Guides
  • Market
    • Market analysis
    • Market News
    • Reviews
    • Price Index
  • Videos 🚀

2022 © All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
DON’T MISS OUT!
Subscribe To Newsletter
Be the first to get latest updates and exclusive content straight to your email inbox.
Stay Updated
Give it a try, you can unsubscribe anytime.
close-link
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.

Warning: unlink(/tmp/jnewsfirstload-42Pbuj.tmp): No such file or directory in /home/customer/www/coinparative.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 142