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MATIC Chart Analysis: Remarkable Data and Key Levels
At the time of writing, MATIC was trading at its lowest price of $0.63 since October 2023. Since April 13, its price has oscillated in a horizontal channel, trading between the $0.75 resistance to the $0.64 support. Usually this channel occurs when the price of an asset is consolidated within a certain range for a while. This occurs because there is a relative balance between buy and sell pressures, which prevents the price from showing a strong trend in both directions.
The fact that the MATIC price turned towards the bottom line of this channel last week shows that the downward trend towards altcoins has increased. This was confirmed by the negative weighted sensitivity observed in the chain. Since the beginning of the month, the weighted feeling of MATIC has been predominantly negative. At the time of writing, this data was -0.64.
This data; It measures the general positive or negative sensitivity towards an asset by following the mentioned sensitivity and volume. The weighted sensitivity value of -0.64 shows a negative trend in the sensitivity surrounding the entity. There are many more negative words than positive words. This bearish trend has also been confirmed by MATIC's descending-term open position. This amount, which was $197 million at the time of writing, has fallen by 8% since the beginning of June.
MATIC Chart Analysis
Readings from key momentum indicators on the MATIC front showed an increase in sales among market participants. For example, the Relative Strength Index (RSI) was 36.44, while the Money Flow Index (MFI) was 26.11.
Traders use these indicators to measure the price momentum of an asset and identify potential buy and sell opportunities. At these values, MATIC is on oversold as the buy pressure continues to weaken. DYOR
