Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion The market structure on the daily timeframe was bearish The presence of the 78.6% retracement level added confluence to the resistance at $0.82 Bitcoin [BTC] has not initiated a large move in recent weeks. […]
also stayed relatively quiet on the price charts. It bounced between the $0.759 and $0.822 levels of support and resistance, but the higher timeframe bias was bearish.Accordingly, traders can seek out selling opportunities and trade with the trend. One such opportunity can present itself if the token climbed to the resistance area highlighted on the charts.The price action remained bearish for MATIC on the higher timeframes. It has fallen beneath the 78.
A bullish case can be made once MATIC climbs above $0.822 and retests it as support. This could offer a buying opportunity targeting $0.925. However, as things stand, a more compelling case can be made for the bears. The exchange inflow and outflow did not see large spikes in recent weeks, although the outflow metric did see a small bump when the prices reached $0.771 to show some accumulation.
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