Polygon (MATIC) Enthusiasts Remain Undeterred as Price Continues to Rise
Despite the bearish market structure, Polygon (MATIC) enthusiasts are pushing the price of the digital asset higher. MATIC is currently priced at $0.541671 on CoinGecko, showing a 2% gain in the past 24 hours and a 4.5% increase over the course of a week.
Derivatives Market Wary Despite MATIC’s Resilience
Market participants in the derivatives sector are cautious about MATIC’s recent bullish moves. Open Interest has consistently declined even with price gains, indicating a lack of conviction among traders regarding MATIC’s price rebound.
However, there are positive indicators for Polygon. The Funding Rate has remained positive and the Spot CVD (Cumulative Volume Delta) is trending upward, suggesting growing demand for MATIC.
Moreover, as Bitcoin (BTC) surged to the $27,000 range, buyers found renewed enthusiasm and sparked fresh bullish sentiment.
Technical Signals Point Toward Growing Confidence
Technical indicators show increasing buying pressure for MATIC. The Relative Strength Index (RSI) stands at 58, indicating rising bullish sentiment among investors. The Chaikin Money Flow (CMF) has also turned positive, suggesting an influx of capital into the asset.
An examination of the 12-hour chart reveals a conservative yet sustained bullish approach to the price rebound. These signals collectively indicate growing bullish confidence in the short term.
Hot Take: MATIC Buyers Remain Resilient Amid Bearish Market Conditions
Polygon (MATIC) buyers have shown resilience despite the bearish market structure. The digital asset’s price has made steady progress, and key indicators suggest that the demand for MATIC is still strong.
With growing buying pressure and positive technical signals, MATIC enthusiasts may have reason to believe that the tide could turn in their favor. Investors will closely monitor the coming days to see if this bullish momentum can be sustained.