• MATIC encountered tough selling pressure that impeded a sustained bullish rally, with the RSI and OBV both highlighting bearish sentiment.
• Open Interest (OI) and Spot CVD showed hesitation by market speculators to open new positions until there was clarity over regulatory concerns.
• If selling volume continues to outweigh buying, MATIC could retest the $0.5274 support level and possibly dip towards the $0.5000 price zone.
MATIC’s Sustained Bullish Rally Hijacked by Selling Pressure
RSI & OBV Show Bearish Sentiment in Market
The Relative Strength Index (RSI) remained under neutral 50 and the On-Balance Volume (OBV) declined by 96 million, indicating strong bearish pressure in the MATIC market. This has hampered its potential for a sustained bullish rally, with Bitcoin’s lack of gains after reclaiming $26K potentially impeding any reversal opportunities as well.
Market Speculators Hesitant About Opening New Positions
The Open Interest (OI) and Spot CVD revealed hesitation amongst market speculators when it came to opening new positions due to uncertainty about its classification as a security by US authorities. OI experienced slight increases on June 16th but overall has been declining since mid-April when MATIC hit its year-low at $0.5274. Additionally, Spot CVD maintained steep declines which highlighted that selling volume far outweighed buying volume in the futures market, despite MATIC rebounding from $0.5274 to $0.6500 between 10 June and 13 June.
MATIC Could Retest Support Level of $0..5274
If sellers continue to outpace buyers then there is a chance that MATC could retest support level of $0..5274 or even dip towards the $0..5000 price zone if this support fails to hold up against intense selling pressure – although an uptick in volume could trigger a pullback with targets at around $ 0..6500 -$ 0..7000 for bulls .
Conclusion: How Much Are 1, 10 & 100 MATICS Worth Today?
As of today’s date [June 20th], each single unit of Polygon [MATC] is valued at approximately USD 0..5988 according to current markets prices – meaning that 1, 10 & 100 units are worth USD 59..88 , 598..80 & 5998 respectively .