: Matic Price Ready to Take Off? Signs Point Towards Bullish Breakout
• The total crypto market cap was limited to beneath the $1.2 trillion mark, but BTC Dominance has been trending higher since September.
• Despite some gains in altcoins, the sentiment was not strongly bullish yet, but MATIC could breakout in the coming weeks.
• Last week saw bearish sentiment for MATIC and speculators were shorting the asset, although recent data suggests a more neutral attitude.
Bullish Signs Point Toward Possibility of MATIC Breakout
Bitcoin Dominance has been trending higher since September, with the total crypto market cap being limited to beneath the $1.2 trillion mark. At the time of writing, this level appeared to be on the verge of being broken – a sign that capital inflow into the market is increasing and good news for crypto enthusiasts and investors/traders alike. Bitcoin’s rally in Q1 2023 could carry over into Q2 – potentially bringing good news for MATIC as well.
Order Blocks To Watch Out For
Despite some gains in altcoins over the past week, sentiment was not yet strong enough behind them to drive prices up significantly. The On-Balance Volume (OBV) had been in an uptrend over the past month though; however, RSI denoted severe downward momentum which suggested indecisiveness at present levels and near-term bearishness when looking at MATIC’s 4-hour chart price structure.
Bearish Sentiment Seen Last Week Subsides
From 5 April to 8 April, Open Interest had been rising while prices were declining simultaneously; this indicated that speculators were shorting MATIC during this period. In recent days however, sentiment appears to have become more neutral as shown by 1-hour chart data from Coinalyze – though funding rates have seen a sharp decline over 24 hours which may suggest bearishness ahead if it falls below zero.
Analysis Of Current Situation
The daily structure is currently bearish and there is potential for a drop down to H4’s bullish order block at $1.05 before any further positive reaction can be expected from bulls should OBV remain in its current uptrend pattern.
Overall, signs point toward a possible breakout for MATIC due to Bitcoin’s rally carrying through into Q2 2023; however current sentiment still remains relatively neutral with no clear direction just yet as bearishness could prevail if funding rates fall below zero shortly after this article’s publication date