📊 MATIC/USDT - The price of #MATIC has been ranging over the past few days, credited to the lack of directional movement in the market following Bitcoin's halving. Similar mixed sentiment is displayed among #Polygon holders. Active investors range from bullish to neutral, while potential investors lean bearish. This is evidenced by metrics like Mean Coin Age and Network Growth. The on-chain metric Mean Coin Age gauges trading sentiment among long-term investors by calculating the average number of days coins in circulation have spent at current addresses. An increase in this indicator suggests investors prefer to hold the asset. Such a pattern is considered bullish during uptrends, indicating investors are less inclined to sell their assets, thus fueling price growth. Forecast: Currently, Polygon is trading around $0.71 after failing to break resistance at $0.76. This barrier has persisted for over a week, as has support at $0.64. Over the past couple of days, it has been tested twice, reinforcing and consolidating the range. Therefore, the altcoin may continue sideways movement between $0.76 and $0.61. However, there is potential for a breakthrough of either boundary. The Ichimoku Cloud—a technical analysis tool providing insight into support, resistance, and price momentum—is bullish, situated below the candles, implying price growth. If MATIC follows this signal and breaks resistance at $0.76, it could rise to test $0.81. In this scenario, the neutral-bearish outlook would be invalidated, opening the possibility for Polygon's native token recovery.
📈 DOT/USDT - Currently, #DOT is trading within a descending parallel channel, struggling to confirm $7 as a support level. However, considering the aforementioned signals, the asset is likely to break down and hit the channel's lower boundary around $5. Nevertheless, a successful bounce from $7 could refute the bearish thesis. In that case, #Polkadot would test the nearest resistance levels at $8 and $9.
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