MATIC’s spot CVD has trended downward since 24 October. The altcoin’s price also fell from $0.65 to $0.609, and the Open Interest saw a decline worth $5 million.Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.This shift could be reversed over the next few days after a retest of a higher timeframe level of significancesaw a breakout past the highs of a range that was almost two months old.
This region had confluence with the range high at $0.589. Therefore, a retest of the $0.59-$0.6 would offer an ideal buying opportunity targeting $0.65 or higher. The On-Balance Volume saw an uptick over the past week to reflect increased buying pressure. On the other hand, the Relative Strength Index agreed with the market structure of MATIC and dipped beneath neutral 50. This was an early hint that momentum began to shift in bearish favor.The spot Cumulative Volume Delta has trended downward since 24 October. MATIC prices also fell from $0.65 to $0.609, and the Open Interest saw a decline worth $5 million. The falling OI and prices showcased short-term bearish sentiment.
Combined with the spot CVD, it was reasonable to expect a deeper retracement. This could take the price back to the $0.57-$0.59 breaker block over the weekend.Akashnath is a Chemical Engineering graduate deeply fascinated by Technical Analysis and the crypto markets and enjoys studying price movements and trying to find patterns.
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: globeandmail - 🏆 5. / 92 Read more »
Source: SooToday - 🏆 8. / 85 Read more »
Source: PGCitizen - 🏆 65. / 51 Read more »
Source: BurnabyNOW_News - 🏆 14. / 77 Read more »
Source: CTVNews - 🏆 1. / 99 Read more »