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Home»Altcoins»MATIC Bounces From $0.82 But Rejection Can Be Expected At…
Altcoins

MATIC Bounces From $0.82 But Rejection Can Be Expected At…

2023-05-13No Comments3 Mins Read
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Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.

  • The H4 bearish breaker would likely offer intense resistance on retest.
  • The FVG in the $0.92 area was also something to watch out for.

MATIC saw another leg on the price charts after the bulls failed to defend critical support at $0.95. This zone had a confluence of longer-term technical and horizontal support levels, but the bears were too strong.


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With Bitcoin also below $27.8k, more losses were likely to follow after a small increase in prices over the weekend. MATIC saw some calm at the $0.82 support in the past 24 hours.

A breaker block just above an imbalance meant bulls were at a major disadvantage

MATIC Bounces From $0.82 But Rejection Can Be Expected At…

Source: MATIC/USDT on TradingView

The above charts marked the former bullish order block in the $0.94-$1 area in red. This area acted as a support area at the end of April, but eventually the bulls succumbed. Therefore, the bullish OB flipped to a bearish breaker.

In addition, the charts showed the presence of a fairly large imbalance that had emerged on May 8. This FVG ranged from $0.9 to $0.93 and could attract MATIC before prices got lower.

Combined with the breaker block above, it was highly likely that MATIC bulls would not be able to take prices above $1 unless sentiment changed dramatically.

The Awesome Oscillator showed that bearish momentum was weakening, and was a result of the $0.82 bounce. Meanwhile, the CMF remained below -0.05, indicating strong capital outflows from the market.

See also  Ethereum's plunge could be over: This key pattern signals a rally back to $4,000

Sentiment was heavily leaning towards a bearish upside, but has begun to shift in recent hours

MATIC Bounces From $0.82 But Rejection Can Be Expected At…

Source: Coin analysis

The spot CVD was in a steep downtrend from May 8 to May 11, but began to reverse on May 12. This showed an influx of buyers that boosted the $0.82 bounce.

Open Interest rose nearly $10 million on May 11 as MATIC fell from $0.86 to $0.82, signaling massive bearish sentiment.


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


This has softened over the past 36 hours as the OI showed that some bullish speculation has begun to emerge.

OI and prices rose together on May 12 indicating a lower time frame. A retest of $0.9 and $0.94 followed by rejection can be used by MATIC short sellers.

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Bounces expected MATIC Rejection
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