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MATIC Plummets Despite Massive Transfer; Indicators Foresee Reversal

Published Apr 24, 2023 08:55AM ET Updated Apr 24, 2023 09:00AM ET
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MATIC Plummets Despite Massive Transfer; Indicators Foresee Reversal
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  • Bears dominate the MATIC market, but investors eye buying opportunities.
  • Keltner Channel suggests a potential decline, but a rebound from the lower band is possible.
  • Oversold MATIC may experience price correction, but rebound strength remains uncertain.

The Polygon (MATIC) market has been dominated by bears over the last 24 hours, with values plunging from an intraday high of $1.03 to a low of $0.9822. This decline occurred despite the transfer of 60,000,000 MATIC (59,472,041 USD) from Polygon Staking to Binance on April 23rd.

As of press time, the MATIC price has fallen 4.03% to $0.9878, indicating the market’s bearishness.

During the correction, the market capitalization fell by 3.73% to $9,140,529,250, while the 24-hour trading volume increased by 34.14% to $446,285,122. The transfer of 60,000,000 MATIC is a significant indicator that investors may take advantage of the token’s current depreciation to buy in, despite the recent market collapse.

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

The movement of the Keltner Channel bands southward on the MATIC/USD 4-hour price chart implies that bears are taking control of the market and that a probable decline is brewing. The top bar hits $1.602, the middle bar $1.022, and the bottom bar $0.982, demonstrating this action.

However, the price action has bounced off the lower band, forming a green candlestick, indicating that there may be a potential buying opportunity as the price may rebound from the lower band.

The MACD blue line trend in the negative zone with a value of -0.024 represents the market’s pessimistic attitude. However, the MACD histogram displays signals of a probable bullish crossing, suggesting that the bearish momentum is diminishing and a trend reversal is possible.

MATIC/USD chart (source: TradingView)

The MATIC price chart’s Relative Strength Index rating of 31.28 indicates that the MATIC token is now oversold and may be ready for a price correction. This move backs the histogram on the MACD indicator, which shows increasing bullish momentum and could indicate a potential buying opportunity for traders looking to enter the market.

On the other hand, the Bull Bear Power rating of -0.047 shows that the rebound may not be strong enough to support a long-term bullish trend, and traders should keep an eye on the market for any signals of a reversal.

MATIC/USD chart (source: TradingView)

Despite recent bearish market trends, the transfer of 60 million MATIC to Binance suggests potential buying opportunities for investors as the token may rebound from oversold levels.

Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.

The post MATIC Plummets Despite Massive Transfer; Indicators Foresee Reversal appeared first on Coin Edition.

See original on CoinEdition

MATIC Plummets Despite Massive Transfer; Indicators Foresee Reversal

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