{"id":122024,"date":"2023-07-13T17:15:45","date_gmt":"2023-07-13T17:15:45","guid":{"rendered":"https:\/\/dripp.zone\/news\/polygon-one-more-roadblock-before-crossing-0-80-crypto-news\/"},"modified":"2023-07-13T17:15:48","modified_gmt":"2023-07-13T17:15:48","slug":"polygon-one-more-roadblock-before-crossing-0-80-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/polygon-one-more-roadblock-before-crossing-0-80-crypto-news\/","title":{"rendered":"Polygon: One more roadblock before crossing $0.80\n &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p><i><span style=\"font-weight: 400;\">Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer&#8217;s opinion.<\/span><\/i><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">MATIC&#8217;s H4 structure was bullish at the time of writing. <\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">The funding rate was positive, but open interest rates eased. <\/span><\/em><\/li>\n<\/ul>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/search\/MATIC\" data-wpel-link=\"internal\"><span style=\"font-weight: 400;\">Polygon [MATIC]<\/span><\/a><span style=\"font-weight: 400;\">  fronted an impressive recovery, reversing losses incurred in early June.  The altcoin dropped below $0.90 after the US SEC classified it as a &#8220;security&#8221; and sustained enormous selling pressure, but rebounded near $0.55. <\/span><\/p>\n<hr\/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Is your portfolio green?  Check out the <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/calculator\/matic-network-profit-calculator\" data-wpel-link=\"internal\"><span style=\"font-weight: 400;\">MATIC Profit Calculator<\/span><\/a><\/p>\n<hr\/>\n<p><span style=\"font-weight: 400;\">At the time of writing, MATIC&#8217;s recovery hit a key roadblock comprising a bullish order block on the lower timeframe and a previous support level in October-December 2022. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the meantime, <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/search\/BTC\" data-wpel-link=\"internal\"><span style=\"font-weight: 400;\">Bitcoin [BTC]<\/span><\/a><span style=\"font-weight: 400;\">  firmed up near $30k, with potential <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/bitcoin-holds-firm-at-30000-evidence-of-btc-re-accumulation\/\" data-wpel-link=\"internal\"><span style=\"font-weight: 400;\">re-accumulation<\/span><\/a><span style=\"font-weight: 400;\">  at the current level. <\/span><\/p>\n<h4>Can bulls bypass the roadblock?<\/h4>\n<div id=\"attachment_327141\" style=\"width: 1960px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/MATICUSDT_2023-07-13_08-35-58.png\" data-wpel-link=\"internal\"><noscript><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-327141\" class=\"wp-image-327141 size-full\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/MATICUSDT_2023-07-13_08-35-58.png\" alt=\"\" width=\"1950\" height=\"1109\" srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/MATICUSDT_2023-07-13_08-35-58.png 1950w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/MATICUSDT_2023-07-13_08-35-58-300x171.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/MATICUSDT_2023-07-13_08-35-58-1024x582.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/MATICUSDT_2023-07-13_08-35-58-768x437.png 768w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/MATICUSDT_2023-07-13_08-35-58-1536x874.png 1536w\" sizes=\"auto, (max-width: 1950px) 100vw, 1950px\"\/><\/noscript><\/a><\/p>\n<p id=\"caption-attachment-327141\" class=\"wp-caption-text\">Source: MATIC\/USDT on TradingView<\/p>\n<\/div>\n<p><span style=\"font-weight: 400;\">On the 4-hour chart, the ascending trendline (white) has been a crucial support level for the bulls.  If BTC continues consolidating above $30k, there is a likely scenario of MATIC constricting further between the ascending trendline and the overhead roadblock. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The white zone, $0.75 \u2013 $0.82, is a previous bullish order block (OB) on the weekly chart formed on 26 Dec.  2022. But the extensive drop in early June invalidated the bullish OB.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Nevertheless, the zone was a crucial support in October- December 2022\/May 2023 and encompassed a bearish OB ($0.77 \u2013 $0.79) on the 4-hour chart.  So, this makes it a sticky roadblock and a pain for bulls. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The inference on further price constriction between the overhead roadblock and the ascending trendline could hold if BTC consolidates above $30k. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">A breach of the ascending trendline will weaken the H4 market structure, especially if BTC drops below $30k. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, the RSI dropped but steadied near the neutral level, suggesting eased buying pressure and a likely rebound at the ascending trendline.  The CMF (Chaikin Money Flow) trended southward, reinforcing eased capital inflows. <\/span><\/p>\n<h4>Futures Market: Overall bullish, but \u2026<\/h4>\n<div id=\"attachment_327142\" style=\"width: 1787px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/MATIC-OI-vs-FR.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-327142\" class=\"wp-image-327142 size-full\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\" http:=\"\" alt=\"\" width=\"1777\" height=\"1046\" data-lazy-srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/MATIC-OI-vs-FR.png 1777w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/MATIC-OI-vs-FR-300x177.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/MATIC-OI-vs-FR-1024x603.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/MATIC-OI-vs-FR-768x452.png 768w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/MATIC-OI-vs-FR-1536x904.png 1536w\" data-lazy-sizes=\"(max-width: 1777px) 100vw, 1777px\" data-lazy-src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/MATIC-OI-vs-FR.png\"\/><noscript><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-327142\" class=\"wp-image-327142 size-full\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/MATIC-OI-vs-FR.png\" alt=\"\" width=\"1777\" height=\"1046\" srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/MATIC-OI-vs-FR.png 1777w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/MATIC-OI-vs-FR-300x177.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/MATIC-OI-vs-FR-1024x603.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/MATIC-OI-vs-FR-768x452.png 768w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/MATIC-OI-vs-FR-1536x904.png 1536w\" sizes=\"auto, (max-width: 1777px) 100vw, 1777px\"\/><\/noscript><\/a><\/p>\n<p id=\"caption-attachment-327142\" class=\"wp-caption-text\">Source: Coinalyze<\/p>\n<\/div>\n<p><span style=\"font-weight: 400;\">Based on the 1-hour chart on Coinalyze, the futures market was bullish overall, as shown by the positive aggregated funding rate.  However, the eased open interest rates painted another picture.  It shows most players were covering short positions.<\/span><\/p>\n<hr\/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">How much are <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/convert\/1-matic-to-usd\" data-wpel-link=\"internal\"><span style=\"font-weight: 400;\">1,10,100 MATICs worth today<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><\/p>\n<hr\/>\n<p><span style=\"font-weight: 400;\">In addition, more <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coinalyze.net\/matic-network\/liquidations\/\" data-wpel-link=\"external\"><span style=\"font-weight: 400;\">long position<\/span><\/a><span style=\"font-weight: 400;\">  were liquidated in the past 24 hours than short positions, further capturing a short-term bearish sentiment and the stickiness of the overhead roadblock.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the conflicting signals call for close tracking of BTC price action for better clarity and market direction. <\/span><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer&#8217;s opinion. MATIC&#8217;s H4 structure was bullish at the time of writing. The funding rate was positive, but open interest rates eased. Polygon [MATIC] fronted an impressive recovery, reversing losses incurred in early June. The altcoin [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":122025,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-122024","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/122024","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=122024"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/122024\/revisions"}],"predecessor-version":[{"id":122026,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/122024\/revisions\/122026"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/122025"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=122024"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=122024"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=122024"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}