MATIC regains $0.9 and here are some levels for traders to watch

warning: The results of the following analysis are the author’s opinions only and should not be considered investment advice

  • The market structure on the lower timeframes has turned bullish but the momentum has not been strong
  • Low demand over the weekend means patience may be key

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Read the polygons [MATIC] Price forecast 2023-2024

The long-term price prediction for the asset was bullish, bringing MATIC close to the $25 mark by 2030. While this prediction was elusive, the short-term analysis showed that $0.94 was a reasonable target for the MATIC bulls in the coming days.

$0.9 was retested as support but the bearish order block in the north is yet to be tested

Source: MATIC / USDT on TradingView

During the last trading week, the value of MATIC fluctuated between $0.94 and $0.9 on the charts. On December 7, it fell to $0.871, but managed to recover quickly after that. The $0.9 level has turned into support again.

The RSI was near 50 and the previous day’s trade did not show any momentum in either direction. This can be attributed to the lack of volatility over the weekend, with Bitcoin [BTC] Also relatively stable on the charts. The accumulation/distribution (A/D) index has also not increased in recent days.

Therefore, neither momentum nor accumulation is in favor of the bulls. However, the price action has a bullish lower timeframe. A drop to $0.88 region is a test of the bullish break that formed on the 4-hour chart on November 24th.

A bearish order block is seen on the hourly chart at $0.94, highlighted in red. In addition, it was near the $0.93-$0.94 range, which has been significant since mid-September. The $0.96 and $1 levels will also pose tough challenges for the bulls.

Although the long-term market structure was not yet bullish, MATIC could have seen a rush north in search of liquidity.

The average age of the coin decreases along with the growth of the network in the past month

MATIC regains $0.9 and here are some levels for traders to watch

Source: feeling

The A/D was flat, and the on-chain metrics were also consistent with the notion that short-term holders would be scarce. The three-month average life of coins has been on a downward trend over the past month, showing that addresses were distributing MATIC tokens, not accumulating.

The network’s growth scale has fallen sharply in recent days. Social Dominance was also near its November lows. Together, they suggested that participation and hype in the token and the network were relatively low, which could slow bullish attempts to raise the price.

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