• Polygon [MATIC] has seen an uptrend in mid-June.
• The indicators showed a lack of demand behind MATIC recently, but Open Interest was climbing steadily.
• Realistic or not, MATIC’s market cap in BTC’s terms could hint at bullish sentiment in the market.
Polygon [MATIC] Uptrend
Polygon [MATIC] has trended higher in the past two weeks, with a break in market structure on both the daily and 4-hour charts signifying bullish intent. Fibonacci retracement levels revealed that the 50% and 61.8% retracement levels were tested as support before MATIC prices rebounded higher. This opened up the possibility of further gains toward the 23.6% extension level at $0.747 .
Lack of Demand
Despite this early bullish indicator, the On-Balance Volume (OBV) did not breach its high from 22 June, suggesting a lack of strong demand that could drive a breakout beyond $0.715 mark and fall toward the $0.616 low again .
Open Interest Trending Higher
The Open Interest trended higher during this period of time as prices slowly climbed from $0.62 to $0.715 and then fell alongside prices when bulls faced rejection at $0.715 but ascended once again . This hinted at bullish sentiment in the market as speculators were willing to bid for it .
Matic’s Market Cap In BTC Terms
Realistic or not, MATIC’s market cap in BTC’s terms could hint at bullish sentiment in the market .
Overall, while there is some evidence of bull activity driving MATIC prices higher over recent weeks, there is also a lack of strong demand that could propel it further past its current resistance level near $0.715 and towards its all-time high near $1.. Therefore caution should be taken when investing into Polygon [MATIC].