MATIC Price Struggles as Bearish Momentum Grows: What’s Next?
• The H4 and D1 market structure has remained bearish for Polygon [MATIC], with prices currently around $1.15.
• Sentiment was positive towards the asset in mid-February, but gains have since been wiped out.
• Futures markets note strong bearish sentiment, with short sellers dominating the market.
Polygon [MATIC] Struggles to Find Momentum
The H4 and D1 market structure has remained bearish for Polygon [MATIC], with prices currently around $1.15 and a move above $1.25 required to flip bias to bullish. The active addresses metric has fallen since late January while daily gas fees have declined over the past two weeks, indicating a hit to the protocol’s revenue could explain some of MATIC’s losses on the charts.
Lower Timeframe Levels of Resistance & Support
On the daily chart, there is a fair value gap (white box) in the $1.01-$1.06 area which could be tested if MATIC falls below $1.09, as well as testing the $1 psychological level too. Short-term traders can keep an eye on these levels for potential entry points, however it is likely that MATIC would drop towards the $1-area before any possible recovery begins from hereon out.
Futures Market Notes Strong Bearish Sentiment
The Futures market noted strong bearish sentiment as well – On 7 March, the funding rate slipped into negative territory whilst Open Interest began to rise alongside falling prices; this indicated short sellers were firmly in control of the market at this time. In the 12 hours preceding press time, though, the funding rate flipped positive again and Open Interest declined – A sign of discouraged buyers – which painted a bearish picture overall for MATIC’s price action going forward over upcoming days/weeks ahead.
What Are 1/10/100 MATICS Worth Today?
At press time, 1 MATICS is worth approximately USD$0.967USD while 10 are worth USD$967USD and 100 are worth USD$9669USD respectively according to CoinMarketCap data (accurate at 11th March). This means that in BTC terms, 1 MATICS is worth 0 BTC 00132058BTC , 10 are worth 0 BTC 0132058BTC , and 100 are worth 0 BTC 1320582BTC .
In conclusion, Polygon [MATIC] has struggled recently due to bearish pressure from both H4 & D1 timeframe structures as well as from Futures markets; signs suggest that further losses may occur before any sort of recovery or reversal takes place within its price action over upcoming days/weeks ahead so traders should proceed with caution when entering into positions hereon out..