- Open Interest for Polygon grew sharply, as more speculators joined the rally.
- If the bears are dominant, they may be able to dominate the market.
Prices of Polygon [MATIC] Last week, the price of soared and established a solid short-term upward trend. The resistance level at $0.43 had been broken decisively and the bulls managed to rally towards the resistance area at the upper timeframe of $0.58.
Open Interest also doubled to show a bullish mood. After reaching the local high of $0.5819 the price dropped by 7.5% and OI along with it.
The following are some of the ways to get in touch with each other recent report Many MATIC holders were at a loss, and the same was true of short-term investors.
MATIC may be hindered further by other market players
Data on local money in/out showed that 55.72 percent of addresses purchased MATIC for between $0.456-$0.62 were losing money.
It meant, for example that a bounce in price to the region of $0.552-$0.569 would result in a sell-off as those who were underwater looked to leave at breakeven.
The psychological $0.5 region to the south is expected to experience increased purchasing activity.
AMBCrypto discovered that the number of daily active addresses has been trending downwards over the last month. The reduced demand and network adoption was a result of this.
A second metric was used to warn buyers. On Wednesday 21st August, dormant distribution exploded.
A sudden flurry on this level usually indicates a selling wave. This selling wave could materialize in the near future and drive prices downward.
MATIC may be experiencing a downtrend.
After the latest move, the daily chart shows that market structure is bullish. Also, the indicators were in favour of buyers.
Here are some realistic or non-realistic examples. MATIC’s market cap in BTC’s The following terms are used to describe the term
MATIC has been unable to overcome the resistance at $0.56-$0.58 in recent days.
Market has already shown itself, so prices are likely to consolidate at $0.56-$0.58 during a phase of distribution before moving southwards toward $0.45 or $0.5
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Source: ambcrypto.com