Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. The bullish breaker from early December 2022 represented an area of significance for MATIC on the 12-hour chart. The higher timeframe market structure was bullish and traders could look for pullbacks to buy. Altcoins […]
. A dip below $20.8k could see BTC revisit the $20k mark and drag the altcoin market lower. This scenario would be ideal for MATIC traders, as it would give a good risk-to-reward buying opportunity.Source: MATIC/USDT on TradingView
From September to November 2022, MATIC rallied from $0.69 to $1.3. A set of Fibonacci retracement levels were plotted based on this move upward. The 50% retracement level lay near $1, which was an important psychological, round number level. The $0.95 level highlighted on the chart has been significant in recent months. In mid-November, the price retested this level as resistance before a drop to the $0.76 swing low. In December, the area from $0.91-$0.95 acted as stern resistance.The area highlighted represented a bearish order block on the 12-hour chart formed in early December. Moreover, January’s rally flipped this to a bullish breaker. The 61.8% retracement level also sat within this area of interest.
A 12-hour session close below $0.955 will technically break the structure. It remained likely that the price would go lower to hunt enthusiastic bulls before rising upward once more. To the north, the Fibonacci levels at $1.07 and $1.16 can be used to take a profit.The lack of a spike in the age consumed or exchange flow metrics was heartening for the bulls. It showed that a large transfer of MATIC tokens into exchanges did not occur in recent days.
The lack of correlation between development activity and price action in recent months can also encourage long-term investors.behind MATIC had reduced slightly. The inference was that bulls weren’t bidding as strongly, and therefore the price could decline a bit more. Whether the $0.91-$0.95 area is tested and defended or broken by the bears will likely dictate the direction of the next price move.Subscribe to get it daily in your inbox.
المملكة العربية السعودية أحدث الأخبار, المملكة العربية السعودية عناوين
Similar News:يمكنك أيضًا قراءة قصص إخبارية مشابهة لهذه التي قمنا بجمعها من مصادر إخبارية أخرى.
Polygon hard fork prompts a 20% rally in the price of MATICPolygon has successfully completed a hard fork that was designed to help address gas spikes and chain reorganization issues that have plagued the network.
اقرأ أكثر »
Polygon: The flow of stablecoins into the network could impact MATIC in this wayThe Polygon network observed a surge in stablecoin flow, impacting DeFi positively. The upcoming hardfork could reduce gas fees for users. The flow of stablecoins surged on the Polygon [MATIC] network over the last few days, impacting the DeFi space positively.One of the key areas of growth for Polygon was its Total Value Locked (TVL), […]
اقرأ أكثر »
Amidst Polygon’s hardfork and increased profit-taking, which way will MATIC go?Polygon completed its hard fork upgrade on 17 January. New demand for MATIC has climbed significantly since the year began. Polygon [MATIC], the sidechain connected to the main Ethereum [ETH] blockchain, completed a hard fork to its proof-of-stake (PoS) network on 17 January. The purpose of the hard fork, as stated in a 12 January […]
اقرأ أكثر »
Statistics Canada to release December inflation report this morningStatistics Canada will release its inflation report for December this morning. The federal agency's consumer price index report will provide insight on how quickly prices rose last month as Canada continues to struggle with decades-high inflation.
اقرأ أكثر »
Statistics Canada to release December inflation report this morning - BNN BloombergStatistics Canada will release its inflation report for December this morning.
اقرأ أكثر »
Canada’s annual inflation rate slowed to 6.3% in DecemberStatistics Canada says grocery prices continued to soar last month, but at a slightly slower pace, with prices up 11% compared to a year ago
اقرأ أكثر »