Polygon [MATIC] sellers dominant: Is a drop below $1 imminent

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. The market structure and Open Interest signified strong bearish sentiment. The confluence of the breaker block and imbalance could see rejection. Polygon [MATIC] has been strongly bearish on the charts after it formed a […]

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.The confluence of the breaker block and imbalance could see rejection.

, and data revealed some accumulation by the whales. Despite good metrics, the price action remained bearish.Source: MATIC/USDT on TradingView This was a sign of strength from the bears. The FVG was marked by the white box and has confluence with the breaker, and sat just beneath the short-term resistance at $1.1. The RSI showed a reading of 44.8, which was neutral after some recovery from strong bearish momentum in the past couple of days.

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