Disclaimer: The findings of the next evaluation are the only opinions of the author and shouldn’t be thought-about funding recommendation
MATIC was buying and selling on the lows of a short-term vary that the worth has traded inside for practically two weeks. The vary lows even have the presence of a bullish order block. This meant that patrons are prone to have an interest within the asset within the brief time period as soon as once more. Shopping for strain may drive costs towards vary highs of $1.74.
MATIC- 1H
Supply: MATIC/USDT on TradingView
In early April, the worth visited the vary (orange) lows at $1.56 and noticed an instantaneous, impulsive transfer upwards. This noticed the formation of a bullish order block. It represents an space the place patrons are prone to have an interest, and if MATIC can climb again above $1.58 resistance, it will be extra probably that MATIC would see a leg upward.
There’s additionally confluence with the vary lows, marking this space (cyan field) as vital within the subsequent few hours.
The $1.58, $1.61, and $1.65 ranges may current some resistance to the worth, and patrons within the $1.57 space can look to handle their positions if MATIC does handle to climb to the mid-range level.
Rationale
Supply: MATIC/USDT on TradingView
The RSI was simply above the oversold territory and had a price of 30.1 at press time. By itself, an oversold RSI just isn’t indicative of a bounce. Nevertheless, confluence with a bullish order block and vary lows means there’s a excessive reward, a low-risk shopping for alternative.
The OBV has fallen a bit previously couple of days and was beneath a degree of near-term significance. If the OBV can pull itself again above the orange line, it may imply that bulls are vying for market management as soon as extra.
Conclusion
Whereas the symptoms confirmed bearish momentum and promoting strain had been robust in latest hours, there was a very good probability that MATIC can see a bounce towards $1.65 within the subsequent few hours. Bitcoin was additionally buying and selling simply above a requirement zone and will see a bounce, which might probably affect MATIC positively.
