Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the author’s opinion
- MATIC traded sideways within the first half of August.
- It recorded huge accumulation however community traction dipped.
Bitcoin’s [BTC] muted value efficiency in the previous couple of days has dulled the crypto market. Other than outliers like Shiba Inu [SHIB] and Pepe [PEPE] that quickly decoupled from BTC, the remaining, together with Polygon [MATIC], recorded dismal efficiency.
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Particularly, MATIC has been buying and selling sideways between $0.660 – $0.704 since late July, prompting merchants to focus on vary extremes for income. On Sunday, 13 August, a brief squeeze was witnessed after MATIC’s sharp transfer up the mid-range, solely to dip a couple of hours later.
MATIC caught on the mid-range
Supply: MATIC/USDT on TradingView
On Friday, 11 August, MATIC breached the mid-range of $0.682 however didn’t register an extra drop. The brief squeeze witnessed over the weekend emphasised how dangerous shorting the asset on the mid-range with muted BTC value motion might get.
However the range-high introduced a a lot strong entry place for the brief place if BTC’s weakening persists. The range-high ($0.704) aligned with the H4 bearish order block of $0.698 – $0.704 (pink), making a extra strong bearish zone.
Though the Relative Energy Index (RSI) was impartial on the time of writing, indicating costs might go in any course, the Chaikin Cash Stream (CMF) edged above the zero mark. It reveals capital inflows improved regardless of the muted shopping for stress.
Ergo, if MATIC climbs above the mid-range and graces the range-high, a value reversal might be doubtless, particularly if BTC stays under $29.5k.
In that case, shorting on the range-high ($0.698 – $0.704), with a take-profit goal on the mid-range ($0.682), might supply modest beneficial properties.
MATIC recorded accumulation, however…
Supply: Santiment
Based on the info intelligence platform, Santiment, MATIC recorded huge accumulation amidst eased promote stress and community traction. The rising 90-Imply Coin Age (yellow) signifies that the altcoin recorded network-wide accumulation since late July.
How a lot are 1,10,100 MATICs price as we speak?
However, the Provide on Exchanges dipped considerably; denoting eased short-term promote stress.
Nevertheless, MATIC’s community traction dipped, because the declining Community Development (blue) indicated. It means the variety of new addresses declined in the previous couple of days, reinforcing the bearish thesis and brief concept above.
