MATIC could rise 20% despite bearish sentiments – Here’s how
The post MATIC could rise 20% despite bearish sentiments – Here’s how appeared on BitcoinEthereumNews.com.
MATIC’s Open Interest jumped by over 15% in the last 24 hours, indicating growing interest from investors. If MATIC’s price falls to $0.442, nearly $6.77 million worth of long positions will be liquidated. The current market sentiment is quite bearish following the significant Bitcoin [BTC] transaction at Mt. Gox and the recent all-time high in the price of gold. Amid this market downturn, on the 21st of August, Polygon [MATIC] experienced a strong bullish breakout of the consolidation zone and the descending trendline. Major breakout in MATIC Based on the historical price momentum, MATIC was consolidating within a tight range for over 14 days. Additionally, since March 2024, it has been in a continuous downtrend and has formed a descending trendline where it consistently faced resistance. Source: TradingView With this recent breakout of the trendline, MATIC has cleared a significant barrier. Thus, there is a high possibility it could rise over 20% to $0.575 level, or even higher, based on the market situation. Bullish sentiment With the recent breakout, MATIC looks bullish. According to the on-chain analytic firm CoinGlass, MATIC’s Open Interest has jumped by over 15%, in the last 24 hours, indicating growing interest from investors and traders following the breakout. During the same period, traders’ long-leverage positions are significantly higher than short-leverage positions, indicating bulls betting more heavily than bears. However, MATIC’s daily active addresses have continuously risen for the last seven days, according to an on-chain analytic firm IntoTheBlock. This growing daily active address could be a key factor behind the recent breakout. Additionally, the new adoption rate is also rising along with the price. MATIC’s price performance At press time, most of the cryptocurrencies are struggling to gain momentum, whereas MATIC was trading near $0.4725 and has experienced a price surge of over 7.5% in the last…
Filed under: News - @ August 22, 2024 4:15 am