MATIC Breaks Out of Range: Time to Target $1.5?

Overview

• Polygon’s native token MATIC has seen impressive returns of 80% in the past six weeks.
• MATIC recently broke out of a short-term range, with new highs in sight.
• Market indicators point to bullish sentiment and further upside potential for MATIC.

MATIC Price Movement Analysis

Polygon’s native token MATIC has been on an impressive uptrend in recent days, with strong returns of 80% over the past six weeks. On 2 February, it formed a range on the price charts extending from $1.16 to $1.26, with the midpoint at $1.21. This range was followed by a breakout above the $1.26 resistance level, accompanied by an increase in trading volume as well – a strongly bullish sign that indicated positive investor sentiment towards MATIC. The Chaikin Money Flow (CMF) indicator also stood at a healthily bullish value of +0.05 to show significant capital flow into the market, while the Relative Strength Index (RSI) agreed with this sentiment at 63 – indicating an uptrend in progress and series of higher lows since early January.

Open Interest Analysis

The Open Interest (OI) saw a strong surge as the price broke past the $1.26 resistance level, signaling capital flow into the market along with bullishly positioned market participants. However, although this was an overall positive sign for MATIC prices, its spot CVD remained flat – failing to replicate this bullish sentiment and potentially indicative of some consolidation ahead for its price movements over the next few weeks or so before any further upside potential is realized..

Price Predictions

In light of these findings and technical analysis signals, it is possible that MATIC could form another range before making another move upward in coming days or weeks – retesting lows before continuing onwards upwards again towards areas such as its psychological level at $1.5 or beyond if conditions remain favorable for it on both spot CVD and OI fronts alike .

Conclusion

Overall, technical analysis indicators point to a strong performance for Polygon’s native token MATIC over recent days and further upside potential moving forwards should conditions remain favorable for it on both spot CVD and OI fronts alike . Therefore investors looking to add some exposure to their portfolio may want consider allocating some funds towards this altcoin asset class given its current levels of activity and momentum behind it right now .