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Home»Altcoins»Since MATIC triggers a breakout, it can maintain momentum
Altcoins

Since MATIC triggers a breakout, it can maintain momentum

2023-05-18No Comments3 Mins Read
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Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.

  • MATIC closes above the short-term highs of $0.8779.
  • The rally was rejected at 100-EMA ($0.9051) at the time of writing.

Following the upbeat tone surrounding US debt ceiling talks, Bitcoin [BTC] improved somewhat and reclaimed the $27,000 zone on May 17. Likewise, Polygon [MATIC] edged higher, causing a breakaway from its formation at short notice.


Is your wallet green? Account MATIC profit calculator


MATIC’s move left a fair value gap (FVG) that equates to the 50-EMA of $0.8660. Will this zone act as a strong support for bulls, or will bears crack it?

Can bulls break the 100-EMA hurdle?

Source: MATIC/USDT on TradingView

As of May 9, MATIC has been stuck within a short-term range of $0.8196 – $0.8779. It broke up above range on May 17, but it remains to be seen if the breakout isn’t a “fakeout.”

Price action moved above the short-term trend, 20-EMA of $0.8660 (blue line), giving short-term bulls the upper hand on May 17. However, the rally stopped near the 100-EMA of $0.9051 (yellow line) at the time of writing.

The 100-EMA was an important dynamic resistance level during the second half of April and May. By the way, the impulse move and subsequent breakout on May 17 left an FVG within the $0.8651 – $0.8838 zone (white).

Ergo, the price could pull back into this FVG zone before continuing the uptrend.

As such, it could be a starting point for an increase targeting the March lows and the key Q1 support level of $0.9441. But short-term bulls need to clear the 100-EMA hurdle to gain leverage.

See also  Deciphering XRP Lost Momentum During the SEC Lawsuit

A close below the FVG zone and 20-EMA could drag MATIC to retest range lows at $0.8196.

Meanwhile, the RSI fell slightly, but was still in the upper regions, indicating that buying pressure has eased somewhat. CMF rose but hovered near zero, highlighting faltering capital inflows.

A neutral position on the futures market, but…

Source: Coinglass (MATIC’s open interest rates)

According to Coinglass, MATIC’s open interest fell dramatically in late February and has fluctuated ever since. This indicated that demand for MATIC in the derivatives market was faltering.


How many are 1,10,100 MATICS worth today?


On the other hand, the exchange long/short ratio indicates that longs dominate at 50.81% over shorts (49.19%) in the 4-hour time frame.

The narrow spread depicts a neutral position on the futures market. Traders should monitor BTC’s price action for optimal trade setups.

Source: Coinglass

Source link

Breakout maintain MATIC Momentum triggers
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