MATIC has been trading in a range between 1.03 dollars and 0.72 dollar since mid July. The sharp break in the early period quickly reversed two weeks ago. At that time, technical indicators were tilted in favor of the bulls. The Chaikin money flow and accumulation/distribution indicator also showed a good uptick as the relative strength index (RSI) entered the overbought territory.
However, all of this has been on the decline over the past few days. While CMF and A/D are down, RSI retests neutral 50 as resistance to show bearish momentum. A revisit of the 0.74-0.76 dollars region could possibly present a buying opportunity.
Override could be a daily session close below 0.68 dollar and targets 0.88 dollar and 1.03 dollars to take profit. However, bollinger bands were wide. If there is a visit to the lower band at 0.69 dollar in hopes of an average return, buyers may need to be cautious.
Source: https://beincrypto.com/50-billion-matic-transaction-raise-eyebrows/
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