MATIC Analysis: Bulls in MATIC Yield After Testing 30-Day High By CoinEdition

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MATIC Analysis: Bulls in MATIC Yield After Testing 30-Day High

Cryptocurrency Feb 03, 2023 10:30AM ET

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MATIC Analysis: Bulls in MATIC Yield After Testing 30-Day High

MATIC/USD

-1.64%

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After resistance at a 30-day high, the MATIC market is pessimistic.

As bulls battle, indicators point to a bullish trend on the horizon.

During the slump, MATIC’s price fluctuated between $1.17 and $1.25.

Earlier in the day, bulls maintained control of Polygon (MATIC), driving the price to a 30-day high of $1.25. However, due to the bulls’ reluctance to face resistance, the bears seized the market and managed to drop the price to a low of $1.17 (4.12% drop).

Fearing further price declines, traders exited the market, reducing market capitalization and 24-hour trading volume by 4.12% to $10,237,734,688 and 28.62% to $633,662,491.

MATIC/USD 24-hour price chart (source: CoinMarketCap)

The linear motion of the Keltner Channel bands, with the upper band at $1.230 and the lower band at $1.104, exemplifies the bearish run in the MATIC market. This movement indicates that market sentiment is overwhelmingly bearish, as the upper band has been steadily descending while the lower band has remained nearly flat. In addition, demand for MATIC has significantly weakened, suggesting that the market is under selling pressure. However, since the price is moving above the s…

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