- MATIC traversed a pessimistic market structure.
- The alt might drop to $0.7735 or below.
- A break beyond the $0.8153 resistance would cancel the prediction.
Polygon (MATIC) exhibited bearishness in December 2022. The alternative coin remained trapped within the $0.8910 – $0.9490 during the month’s first half. Nonetheless, the month’s second half witnessed further price plummets until the alt secured a reliable support barrier at $0.7735. While publishing this post, MATIC traded at $0.7883. Meanwhile, it might break or retest the present support zone if bears persist.
MATIC Bears Might Profit from $0.7735
According to technical indicators, polygon bears threatened price pullbacks that might settle at around $0.7735 during this writing. The daily RSI (Relative Strength Index) read 39, exhibiting a short slope within the lower territory bordering the oversold region. It indicated an increased selling pressure, and the narrative might continue if bears tighten their moves.
The MFI (Money Flow Index) retreated from the oversold region and displayed a downside slant into the bottom part. That indicated massive MATIC distribution, which heightened selling momentum. Thus, the market highlighted bear favoritism, and that might push the alt to $0.7391, $0.7637, or $0.7735. Depending on trader risk tolerance, these regions can act as targets for short sellers.
Interested individuals can place the stop loss beyond $0.8153. Therefore, an uptick beyond this mark would cancel the discussed bearish prediction. Such upside tendencies would see MATIC bulls confronting the nearest resistance at around $0.8153.
MATIC Saw Stable Accumulation Since November’s Final Week, but
Santiment showed that MATIC enjoyed enormous accumulation since the final sessions of November. The alt saw stable upticks in supply by leading addresses since November 21. The derivatives market also reflected the surged demand, with MATIC/USDT’s Binance funding rate staying positive during that timeframe.
Moreover, sentiment stayed positive, despite brief slumps, whereas development activity soared during this publication. Can these developments ripen MATIC’s price for reversals? Beware that the press time selling strength emerged from whales holding over 1 billion tokens, as they sold while other cohorts accumulated. Should you follow these whales or act against them?