Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion The higher timeframe structure was bearish, but there was a possibility of a bounce The $1 mark could be crucial for bulls and bears in the coming days MATIC saw growth in the DeFi […]
But this slew of positive news did nothing to stop the nasty price action on the charts. On 8 and 9 November, MATIC shed nearly 40%, only to bounce by 45% on 10 November. For higher timeframe traders, an opportunity to buy the asset can arise soon, but caution would be key.Source: MATIC/USDT on TradingView
It dropped as low as $0.77 before recovering spectacularly to reach $1.14 on 10 November. For higher timeframe traders, this kind of volatility can be daunting. On the other hand, lower timeframe traders might have a field day trading the volatility. A glance at a lower timeframe chart showed that the rally on 10 November left a fair value gap in the $0.96-$1.02 region. Hence, it was likely MATIC would drop to this area in the coming days. Traders with a larger risk appetite can assess buying opportunities in this zone on the lower timeframes.
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