MATIC Price May Surge Amid BTC Trends and High Liquidation Levels
Possible Course Increase for MATIC
MATIC could experience a price increase shortly. The price of the cryptocurrency token has significantly dropped in the last three days – from $0.945 to $0.811, representing a decrease of 14.21%. Currently, MATIC is being traded in the middle of a price range, which presents an unfavorable risk-reward ratio for both buyers and sellers.
Influence of Bitcoin on MATIC
The short-term trend of Bitcoin (BTC) showed a downward direction following the losses on Monday. However, this outlook could change if BTC reaches the mark of $42.3k. In the past, increased network activity at MATIC has led to price increases.
Possible Price Development of MATIC
The price range of MATIC, highlighted on the 4-hour chart, ranges from $0.72 to $0.962, with a mean of $0.841. This average has proven to be significant in recent months. For example, several price declines were rejected from the $0.84 zone in December before it was finally overcome on December 8th.
At the time of publication, the four-hour market structure was bearish. In addition, an H4 session closed a few hours before publication below the average. The RSI (Relative Strength Index) also fell below the neutral 50 mark, indicating a momentum change.
Market Liquidity and Price Forecast
The zone from $0.87 to $0.89 has a high number of liquidation levels and, according to estimates from Hyblock, represents an attractive liquidity pool. A price increase to $0.9 in the coming hours is likely before a price drop occurs. If Bitcoin manages to climb above $42.3k, the chances of a bearish reversal for MATIC would significantly decrease in the short term.
Please note that this information does not constitute financial, investment, trading, or any other type of advice and merely reflects the author’s opinion.
Sources: Hyblock, TradingView
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