Title: Analyzing MATIC Market Trends and Potential Trading Opportunities
As of November 11, 2023
Posted by Journalist
Polygon (MATIC) has been showing signs of accumulation while experiencing an uptick in whale activity. This has resulted in a rise in market capitalization alongside prices, with indicators on higher timeframe charts favoring buyers.
The Weekly Resistance Levels show what the MATIC bulls can expect in November
The one-day market structure of MATIC has been bullish since October 22nd, with the RSI reflecting intense upward momentum. The On-Balance Volume has also increased significantly, indicating steady buying volume. The next higher timeframe resistance levels were identified, and possible rejection at $0.89 could lead to a drop to the $0.75-$0.8 region, offering a good risk-to-reward buying opportunity targeting $1 and above.
A jump in these two metrics meant holders have some reason for concern
While development activity has been strong in the past six months, the huge leap in dormant circulation on November 9th could lead to a wave of selling. The MVRV ratio was also at highs not seen since April, suggesting that holders might be tempted to book profits and force a minor pullback.
Trading Opportunities and Potential Risks
The six-month look-back period on the liquidation levels heatmap showed the $0.925 mark as the next target and offered a significant amount of liquidity. The $0.88 and $0.97 levels were also identified as possible candidates for a local top for MATIC. Lower timeframe charts suggested that a move above $0.85 and retest could offer a buying opportunity targeting $0.89 and $0.96.
As the market trends continue to shift, investors and traders must stay informed of the potential trading opportunities and associated risks. If you’re curious about your portfolio gain, try the MATIC Profit Calculator. Keeping an eye on these market trends can lead to informed decisions and potential profitable trading opportunities.
### News source: ambcrypto.com