{"id":335632,"date":"2023-08-15T11:00:52","date_gmt":"2023-08-15T05:30:52","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=335632"},"modified":"2023-08-15T04:19:21","modified_gmt":"2023-08-14T22:49:21","slug":"matics-sideway-structure-extends-can-shorting-yield-gains","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/matics-sideway-structure-extends-can-shorting-yield-gains\/","title":{"rendered":"MATIC\u2019s sideway structure extends &#8211; Can shorting yield gains?"},"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><em><span style=\"font-weight: 400;\">MATIC traded sideways in the first half of August.<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">It recorded massive accumulation but network traction dipped.<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Bitcoin\u2019s [BTC]<\/span><span style=\"font-weight: 400;\"> muted price performance in the last few days has dulled the crypto market. Apart from outliers like <\/span><span style=\"font-weight: 400;\">Shiba Inu [SHIB]<\/span><span style=\"font-weight: 400;\"> and <\/span><span style=\"font-weight: 400;\">Pepe [PEPE]<\/span><span style=\"font-weight: 400;\"> that <\/span><a href=\"http:\/\/ambcrypto.com\/shib-doge-pepe-ape-decoupling-what-happened-yesterday\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">temporarily decoupled<\/span><\/a><span style=\"font-weight: 400;\"> from BTC, the rest, including <\/span><span style=\"font-weight: 400;\">Polygon [MATIC]<\/span><span style=\"font-weight: 400;\">, recorded dismal performance.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Is your portfolio green? Check out the <\/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><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">In particular, MATIC has been trading sideways between $0.660 &#8211; $0.704 since late July, prompting traders to target range extremes for profits. On Sunday, 13 August, a short squeeze was witnessed after MATIC&#8217;s sharp move up the mid-range, only to dip a few hours later.<\/span><\/p>\n<h4>MATIC stuck at the mid-range<\/h4>\n<figure id=\"attachment_335638\" aria-describedby=\"caption-attachment-335638\" style=\"width: 1950px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/MATICUSDT_2023-08-14_14-24-19.png\"><img decoding=\"async\" class=\"wp-image-335638 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/MATICUSDT_2023-08-14_14-24-19.png\" alt=\"\" width=\"1950\" height=\"1109\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/MATICUSDT_2023-08-14_14-24-19.png 1950w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/MATICUSDT_2023-08-14_14-24-19-300x171.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/MATICUSDT_2023-08-14_14-24-19-1024x582.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/MATICUSDT_2023-08-14_14-24-19-768x437.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/MATICUSDT_2023-08-14_14-24-19-1536x874.png 1536w\" sizes=\"(max-width: 1950px) 100vw, 1950px\" \/><\/a><figcaption id=\"caption-attachment-335638\" class=\"wp-caption-text\">Source: MATIC\/USDT on TradingView<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">On Friday, 11 August, MATIC breached the mid-range of $0.682 but didn\u2019t register a further drop. The short squeeze witnessed over the weekend emphasized how risky shorting the asset at the mid-range with muted BTC price movement could get.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But the range-high presented a much solid entry position for the short position if BTC\u2019s weakening persists. The range-high ($0.704) aligned with the H4 bearish order block of $0.698 &#8211; $0.704 (red), making a more solid bearish zone.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Although the Relative Strength Index (RSI) was neutral at the time of writing, indicating prices could go in any direction, the Chaikin Money Flow (CMF) edged above the zero mark. It shows capital inflows improved despite the muted buying pressure.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ergo, if MATIC climbs above the mid-range and graces the range-high, a price reversal could be likely, especially if BTC remains below $29.5k.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If so, shorting at the range-high ($0.698 &#8211; $0.704), with a take-profit target at the mid-range ($0.682), could offer modest gains.\u00a0<\/span><\/p>\n<h4>MATIC recorded accumulation, but&#8230;<\/h4>\n<figure id=\"attachment_335640\" aria-describedby=\"caption-attachment-335640\" style=\"width: 3840px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Polygon-on-Ethereum-MATIC-14.42.39-14-Aug-2023.png\"><img decoding=\"async\" class=\"wp-image-335640 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Polygon-on-Ethereum-MATIC-14.42.39-14-Aug-2023.png\" alt=\"\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Polygon-on-Ethereum-MATIC-14.42.39-14-Aug-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Polygon-on-Ethereum-MATIC-14.42.39-14-Aug-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Polygon-on-Ethereum-MATIC-14.42.39-14-Aug-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Polygon-on-Ethereum-MATIC-14.42.39-14-Aug-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Polygon-on-Ethereum-MATIC-14.42.39-14-Aug-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Polygon-on-Ethereum-MATIC-14.42.39-14-Aug-2023-2048x693.png 2048w\" sizes=\"(max-width: 3840px) 100vw, 3840px\" \/><\/a><figcaption id=\"caption-attachment-335640\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">According to the data intelligence platform, <a href=\"https:\/\/app.santiment.net\/charts\/2IOST4dT__sCl\" target=\"_blank\" rel=\"noopener\">Santiment<\/a>, MATIC recorded massive accumulation amidst eased sell pressure and network traction. The rising 90-Mean Coin Age (yellow) indicates that the altcoin recorded network-wide accumulation since late July.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">How much are <\/span><span style=\"font-weight: 400;\">1,10,100 MATICs worth today<\/span><span style=\"font-weight: 400;\">?\u00a0<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">On the other hand, the Supply on Exchanges dipped significantly; denoting eased short-term sell pressure.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, MATIC\u2019s network traction dipped, as the declining Network Growth (blue) indicated. It means the number of new addresses declined in the last few days, reinforcing the bearish thesis and short idea above.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>MATIC maintained its August&#8217;s narrow price consolidation amidst a weak BTC. Here&#8217;s why the range-high could offer a solid re-entry for sellers. <\/p>\n","protected":false},"author":79,"featured_media":335653,"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":[4373,5244,1820],"class_list":["post-335632","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-price","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 v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>MATIC\u2019s sideway structure extends - Can shorting yield gains? - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Polygon&#039;s range extension persisted in the first half of August. 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