MATIC Price Hits Key Roadblock: Can Bulls Bypass It?
• MATIC’s H4 structure was bullish at the time of writing.
• Polygon [MATIC] fronted an impressive recovery, reversing losses incurred in early June.
• The white zone, $0.75 – $0.82, is a previous bullish order block (OB) on the weekly chart formed on 26 Dec. 2022.
The Polygon [MATIC] Recovery
MATIC’s H4 structure was bullish at the time of writing and Polygon [MATIC] recovered impressively from losses suffered in early June and reversed below $0.90 after it was categorized as a “security” by the US SEC and sustained enormous selling pressure but rebounded near $0.55.
Roadblock to Further Price Constriction
At the time of writing, MATIC’s recovery hit a key roadblock comprising a bullish order block on the lower timeframe and a previous support level in October-December 2022 – making it difficult for bulls to bypass this roadblock between the ascending trendline and an overhead resistance point around $0.75 – 0.82 (previous OB).
BTC Consolidation Above $30k
Meanwhile BTC firmed up near $30k with potential re-accumulation at current level which could suggest that MATIC constrict further between the ascending trendline and the overhead roadblock if BTC continues consolidating above 30K.
RSI & CMF Trending Southwards
The RSI dropped but steadied near neutral level suggesting eased buying pressure while Chaikin Money Flow (CMF) trended southwards reinforcing eased capital inflows which could see MATIC rebound at the ascending trend line if buying pressure increases again .
Futures Market Bullish Overall
Based on 1 hour chart on Coinalyze, futures market remains bullish overall however there are still key roadblocks preventing further price constriction so it is important to monitor BTC consolidation above 30K as well as increase in buying pressure before any definitive decision can be made about MATICS future prospects