Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is the sole opinion of the author.
Bitcoin The dominance has been higher since September, but the total crypto market cap remained limited to below $1.2 trillion. At the time of writing, this level seemed to be on the verge of breaking.
This was good news for crypto enthusiasts, investors and traders as it showed a capital inflow into the market. Bitcoin’s rally in the first quarter of 2023 could carry over into the second quarter, and that would likely be good news for bitcoin MATIC also.
Read Polygons [MATIC] Price prediction 2023-24
The bullish and bearish order blocks to watch out for
Source: MATIC/USDT on TradingView
Despite the bullish momentum in the market, especially Bitcoin and Ethereum, many altcoins failed to stage a rally over the past week. Instead, they recorded some gains that were quickly wiped out.
In addition to rising BTC dominance, the interpretation was that sentiment was not yet strongly bullish behind altcoins. Still, the signs showed that MATIC could see a breakout in the coming weeks.
In addition, the OBV has been in an uptrend for the past month, although the RSI has signaled serious downside momentum. A look at the market structure on the 4-hour chart showed indecisiveness and near-term bearishness.
How many 1, 10 or 100 MATIC worth today?
The daily structure was bearish and a move to the H4 bullish order block at $1.05 was possible. In this scenario, given the uptrend of the OBV, bulls may try to buy Polygon’s tokens in an attempt to get a positive response.
Last week’s strong bearish sentiment has subsided
Source: Coin Analysis
From April 5 to April 8, the price of MATIC was falling, but Open Interest rose higher, signaling that speculators were shorting the asset. Moreover, Coinalyze’s 1-hour chart highlighted that this sentiment has eased and participants have been more neutral in recent days.
The funding rate was positive, but saw a sharp drop in the last 24 hours. It was possible that it would drop below zero and highlight the bearishness in the market. As things stand, sentiment has not yet been in favor of the bears.
This post MATIC is stagnant in the charts, but bulls can look forward to this region
was published first on https://ambcrypto.com/matic-has-been-stagnant-on-the-charts-but-bulls-can-watch-for-this-region/
