have declined over the past two weeks. This hit to the protocol’s revenue could explain some of the losses MATIC has seen on the charts.After the strong drop into the demand zone, MATIC did not see a quick recovery. Instead, the prices dithered about the $1.15-mark and plunged lower once more. The market structure on H4 was firmly in bearish favor. The MACD was also under the zero line since 22 February to show significant downward momentum.
The A/D line moved sideways in recent days and highlighted that neither buyers nor sellers enjoyed control of the market. And yet, the price action signalled bears were clearly dominant. There are two lower timeframe levels of resistance and support at $1.18 and $1.09, respectively. Short-term traders can keep an eye on these levels, but it is likely that MATIC would drop towards the $1-area.On the daily chart, the price had left a fair value gap in the $1.01-$1.06 area. Hence, a move below $1.09 would likely fill this zone, and test the $1 psychological level as well. Aggressive traders can look to short a revisit to the $1.15-$1.18 zone.
The recent fall in MATIC prices from $1.16 saw the OI decline – Also a sign of bearish sentiment as it underlined discouraged buyers.Subscribe to get it daily in your inbox.
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