Disclaimer: The analysis provided in the following report is the sole opinion of the author and should not constitute investment advice.
- The market structure in lower timeframes was bullish, but momentum was not strong
- It was difficult to find weekend demand so patience is key.
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Read Polygon’s [MATIC] Price Prediction 2023-2024
MATIC was predicted to trade at $25 per share by 2030. Although that prediction was not accurate, the shorter-term analysis indicated that $0.94 was a reasonable target for MATIC bears in the days ahead.
Support was tested again at $0.9, but the bearish-order block to the North was still to be tested
MATIC fluctuated between $0.94- $0.9 during the last week of trading. It fell to $0.871 on December 7, but quickly recovered. The support level of $0.9 was once more flipped.
The Relative Strength Index (RSI) stood near 50 and the previous day’s trading did not show momentum toward either direction. This can be attributed in part to the lack of volatility over weekend. Bitcoin [BTC] Also, the charts are relatively stationary. The Accumulation/Distribution (A/D) indicator did not climb in recent days either.
Therefore, bulls are not favored by accumulation or momentum. However, the price action is showing a bullish tinge in the shorter timeframe. The $0.88 zone was a test of a bullish breakout formed on November 24, on the four-hour chart.
The one-hour chart showed a bearish order block at $0.94, highlighted red. It was also close to the $0.93-$0.94 region, which has been of significance since mid September. The bulls will also be challenged by the $1 and $0.96 levels.
While the longer-term market structure wasn’t yet bullish, it was possible that MATIC could see a foray northward in search of liquidity.
Along with network growth over past months, the mean coin age falls.
The A/D indicator was flat and the on-chain metrics supported the idea that short-term holders are scarce. The three-month mean coinage metric was in a downtrend and indicated that addresses were distributing MATIC tokens rather than accumulating.
Over the past few days, network growth has dropped sharply. Social Dominance also fell to near its November lows. They suggested that the token and network were not generating much hype, which could slow down bullish attempts at driving prices higher.