{"id":314315,"date":"2023-05-18T23:00:21","date_gmt":"2023-05-18T17:30:21","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=314315"},"modified":"2023-05-18T15:10:44","modified_gmt":"2023-05-18T09:40:44","slug":"as-matic-inflicts-a-breakout-can-it-sustain-the-momentum","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/as-matic-inflicts-a-breakout-can-it-sustain-the-momentum\/","title":{"rendered":"As MATIC inflicts a breakout, can it sustain the momentum"},"content":{"rendered":"<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\u2019s opinion.<\/span><\/i><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">MATIC close above the short-term range highs of $0.8779.<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">The rally faced rejection at 100-EMA ($0.9051) at press time.<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Following the optimistic tone surrounding the U.S. debt ceiling talks, <\/span><span style=\"font-weight: 400;\">Bitcoin [BTC]<\/span><span style=\"font-weight: 400;\"> improved slightly and reclaimed the $27k zone on 17 May. Similarly, <\/span><span style=\"font-weight: 400;\">Polygon [MATIC]<\/span><span style=\"font-weight: 400;\"> edged higher, inflicting a breakout from its short-term range formation.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Is your portfolio green? Check <\/span><a href=\"http:\/\/ambcrypto.com\/calculator\/matic-network-profit-calculator\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">MATIC Profit Calculator<\/span><\/a><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">MATIC\u2019s move left a fair value gap (FVG) that aligns with the 50-EMA of $0.8660. Will this zone act as strong support for bulls, or will bears crack it?\u00a0<\/span><\/p>\n<h4>Can bulls smash the 100-EMA hurdle?<\/h4>\n<figure id=\"attachment_314317\" aria-describedby=\"caption-attachment-314317\" style=\"width: 1950px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/MATICUSDT_2023-05-18_08-08-16.png\"><img decoding=\"async\" class=\"size-full wp-image-314317\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/MATICUSDT_2023-05-18_08-08-16.png\" alt=\"\" width=\"1950\" height=\"1109\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/MATICUSDT_2023-05-18_08-08-16.png 1950w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/MATICUSDT_2023-05-18_08-08-16-300x171.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/MATICUSDT_2023-05-18_08-08-16-1024x582.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/MATICUSDT_2023-05-18_08-08-16-768x437.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/MATICUSDT_2023-05-18_08-08-16-1536x874.png 1536w\" sizes=\"(max-width: 1950px) 100vw, 1950px\" \/><\/a><figcaption id=\"caption-attachment-314317\" class=\"wp-caption-text\">Source: MATIC\/USDT on TradingView<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Since 9 May, MATIC has been stuck within a short-term range of $0.8196 &#8211; $0.8779. It broke above the range on 17 May, but it remains to be seen if the breakout isn\u2019t a \u201cfakeout.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Price action moved above the short-term trend, 20-EMA of $0.8660 (blue line), giving near-term bulls the upper hand on 17 May. However, the rally stalled near the 100-EMA of $0.9051 (yellow line) at press time.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The 100-EMA has been a key dynamic resistance level during the second half of April and May. Besides, the impulse move and subsequent breakout on 17 May left an FVG within the $0.8651 &#8211; $0.8838 zone (white).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ergo, the price could retreat to this FVG zone before continuing with the uptrend. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">As such, it could be an entry point for a move-up targeting the March lows and key Q1 support level of $0.9441. But near-term bulls must clear the 100-EMA hurdle to gain more leverage.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A close below the FVG zone and 20-EMA could drag MATIC to retest range lows at $0.8196.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, the RSI retreated slightly but was still within the upper ranges, indicating that buying pressure eased somewhat. CMF increased but hovered near the zero mark, highlighting the wavering of capital inflows.<\/span><\/p>\n<h4>A neutral position in the futures market, but&#8230;<\/h4>\n<figure id=\"attachment_314319\" aria-describedby=\"caption-attachment-314319\" style=\"width: 1548px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/MATIC-OI.png\"><img decoding=\"async\" class=\"size-full wp-image-314319\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/MATIC-OI.png\" alt=\"\" width=\"1548\" height=\"564\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/MATIC-OI.png 1548w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/MATIC-OI-300x109.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/MATIC-OI-1024x373.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/MATIC-OI-768x280.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/MATIC-OI-1536x560.png 1536w\" sizes=\"(max-width: 1548px) 100vw, 1548px\" \/><\/a><figcaption id=\"caption-attachment-314319\" class=\"wp-caption-text\">Source: Coinglass (MATIC\u2019s Open Interest rates)<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">According to Coinglass, MATIC\u2019s open interest rate dropped drastically at the end of February and has fluctuated since then. This indicated that demand for MATIC wavered in the derivates market.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">How much are 1,10,100 <\/span><span style=\"font-weight: 400;\">MATICs<\/span><span style=\"font-weight: 400;\"> worth today?\u00a0<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">On the other hand, the exchange long\/short ratio indicates that longs dominate at 50.81% against shorts (49.19%) in the 4-hour timeframe. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The narrow-spread paints a neutral position in the futures market. Traders should track BTC\u2019s price action for optimized trade set-ups.<\/span><\/p>\n<figure id=\"attachment_314320\" aria-describedby=\"caption-attachment-314320\" style=\"width: 1321px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/MATIC-lS.png\"><img decoding=\"async\" class=\"size-full wp-image-314320\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/MATIC-lS.png\" alt=\"\" width=\"1321\" height=\"841\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/MATIC-lS.png 1321w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/MATIC-lS-300x191.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/MATIC-lS-1024x652.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/05\/MATIC-lS-768x489.png 768w\" sizes=\"(max-width: 1321px) 100vw, 1321px\" \/><\/a><figcaption id=\"caption-attachment-314320\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Polygon [MATIC] inflicted a breakout from the short-term range. However, bulls need to clear this hurdle to retest March lows.<\/p>\n","protected":false},"author":70,"featured_media":314323,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,41,18,66,3,23,4,20],"tags":[1266,5244,1820],"class_list":["post-314315","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-analysis","category-hide-cryptopanic","category-new-news","category-news","category-no-home","category-social","category-trading-view","tag-matic","tag-matic-price-analysis","tag-matic-price-prediction"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>As MATIC inflicts a breakout, can it sustain the momentum - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Following the optimistic tone surrounding the US debt ceiling talks, Bitcoin [BTC] reclaimed $27k, pulling up Polygon [MATIC] with it.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/as-matic-inflicts-a-breakout-can-it-sustain-the-momentum\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"As MATIC inflicts a breakout, can it sustain the momentum - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"Polygon inflicted a breakout from the short-term range. 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