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MATIC: Will bulls cave in to selling pressure?

2min Read

MATIC continues to trade within a compact price range, as the selling pressure at the $0.6 price zone stands in the way of more bullish gains.

MATIC: Will bulls cave in to selling pressure?

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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 settled into a tight range, with bulls unable to scale the $0.6 hurdle.
  • Buyers were still optimistic, with the Mean Coin Age continuing to trend upwards.

Polygon [MATIC] continued to trade within a compact price range, as the selling pressure at the $0.6 price zone stood in the way of sustained bullish gains.


Realistic or not, here’s MATIC’s market cap in BTC’s terms


An earlier report by AMBCrypto on MATIC’s price action highlighted the possibility of an uptrend, based on the strong bullish rally from $0.5. However, this move is yet to materialize, due to the selling pressure still present at the $0.6 price zone.

Dwindling bullish momentum could see MATIC maintain its bearish structure

MATIC price chart

Source: MATIC/USDT on Trading View

The RSI (Relative Strength Index) highlighted the drop in the buying pressure, as it moved from the upper level to the lower level on the 12H timeframe. This drop came after the price rejection at $0.58 within the compact trading range.

This loss of momentum by bulls could lead to a bearish breakout from the compact range, with a retest of the $0.5 support level looking likely in the short term.

As such, MATIC investors adopted a cautious approach. The CMF (Chaikin Money Flow) revealed significant capital outflows, as it moved into negative territory.

A sustained bullish move will require buyers to cross the $0.6 hurdle. This could in turn propel an influx of buying pressure to the $0.65 to $0.7 price zone.

On-chain metrics highlighted bulls’ optimism

Source: Santiment


How much are 1,10,100 MATICs worth today?


The sustained climb of the 90d Mean Coin Age suggested investors believed in a price reversal from the press time level. It underlined an accumulation of MATIC in anticipation of a price rise.

The short-term outlook for bulls was even better. The 30d Market Value to Realized Value (MVRV) showed that traders were sitting in slight unrealized profits. Together, they spotlighted the bullish prospects present for MATIC.

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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