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Can MATIC’s consolidated gains extend beyond $0.60?

2min Read

MATIC consolidates recent gains above $0.60. Will the short-term range formation extend?

Can MATIC's consolidated gains extend beyond $0.60?

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

  • MATIC consolidated recent rally gains above $0.60.
  • Open Interest rates wavered, but funding rates remained positive. 

The crypto market entered a short-range formation as Bitcoin [BTC] consolidated recent gains below $35k. For Polygon [MATIC], the consolidation occurred above $0.60. A key breaker block and a thin liquidity area prevented extreme bearish moves. 


Read Polygon [MATIC] Price Prediction 2023-24


A previous MATIC’s price analysis on 23 October marked a retest of the previous range-high as a buying opportunity. Although MATIC rallied in the next few days, the pullback didn’t hit the range-high ($0.54), affecting some long positions.  

What’s in store for traders this weekend?

MATIC

Source: MATIC/USDT on TradingView

MATIC oscillated between $0.64 – $0.60 in the past few days, with a slight deviation to $0.66 on 24 October. The range-low was an alignment of liquidity on the chart of $0.61 (white) and a breaker block of $0.5935 – $0.6195 (cyan). 

The RSI had a sideways movement just below the overbought zone. It meant that buying pressure fluctuated, and MATIC could extend the range into the weekend. If so, traders can exploit the range-high ($0.64) and range-low ($0.60) for gains. 

A bullish breakout from the range could tip MATIC to grace $0.696. Alternatively, a spike in bearish bets could overwhelm the range-lows, dragging MATIC to $0.56 or $0.54. Notably, CMF retreated and dropped below zero and denoted massive capital outflows. 

Open Interest rates fluctuated, but funding rates were positive

MATIC

Source: Coinalyze

The recent neutral sentiment was confirmed by fluctuations in Open Interest (OI) rates. That meant that demand for MATIC in the derivative segment wavered in the past few days. 


How much are 1,10,100 MATICs worth today


However, it was worth noting that the short-sellers were extremely active at press time, as shown by the downward sloping CVD (Cumulative Volume Delta). 

Although near-term bulls could be hopeful because of the positive funding rates, tracking BTC’s price action is crucial for gauging potential range breakout. 

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Benjamin is a Telecommunication Engineering graduate who is passionate about crypto-markets and unraveling market trends. Armed with charts and patterns, he's interested in making the intricate, complex landscape of digital assets more palatable for every user.
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