•MATIC prices have been on a downward spiral since February, but there could be a reversal if BTC doesn’t see more losses in the next few days/weeks.
•MATIC has chalked a bullish wedge pattern and open interest rates have stagnated while CVD spot has increased.
•A breakout on either side of the wedge pattern is possible, with bulls pushing for $1.568 if they succeed or dropping to $0.7555 if not.
MATIC Prices Downward Spiral
MATIC prices have been on a downward spiral since February, but there could be a reversal if BTC doesn’t see more losses in the next few days/weeks. At press time, MATIC’s price was $0.8036, just a few basis points from December lows of $0.7555 .
Bullish Wedge Pattern
MATIC has chalked a bullish wedge pattern – a typical bullish formation that could give bulls little hope. The price action has chalked a falling wedge pattern – a typical bullish formation that could give bulls little hope. Open interest rates stagnated; CVD spot increased . A breakout on either side of the wedge pattern is possible, with bulls pushing for $1.568 if they succeed or dropping to $0.7555 if not .
BTC Defending Support
In the meantime, BTC defended the $25k support despite many betting against a sharp reversal after the Binance lawsuit . However, it retraced slightly after hitting $27.3k, dropping to $26k at press time .
Resistance & Support Levels
Bulls must clear roadblocks at $0.95 and $1.19 to push forward to the Q1 price ceiling . On the bearish angle, a breakout on the downside could ease at the lower support levels at $0.7 ,$0.6 and$ 0o4 . Notably ,the trendline support aligns with December low of 07555 ; sellers must clear it to extend more gains .
OI Stagnates & CVD Spot Improves
Like on price charts , MATIC’s open interest declined from mid-February (>$300 million) and has stagnated near 200 million in Q 2 This underscores bearish sentiment on futures market The CVD spot , which tracks buying and selling volumes over time also declined in same period However , there was sharp increase in t he last 24 hours