• MATIC recently experienced a breakout from a short-term range, with the next area of interest being at $1.5.
• The token has seen strong returns of 80% in the past six weeks and has positive indicators such as increased trading volume and CMF levels.
• Open Interest saw a surge as price broke past resistance, indicating capital flow into the market and bullish positioning.
MATIC Price Performance
MATIC’s native token has seen impressive returns of 80% in the past six weeks, despite its $11 billion market cap. This performance is even more remarkable when considering that Bitcoin fell beneath the $23k mark, while many altcoins saw bearish market structures break in their lower timeframes.
Technical Analysis
MATIC formed a range on the price charts in early February that extended from $1.16 to $1.26 with the mid-point at $1.21. The range lows had confluence with a bullish breaker on the 12-hour chart followed by an increase in trading volume and capital flow into the market (as indicated by CMF). The RSI also stood at 63 to indicate an uptrend progress and series of higher lows since early January.
Open Interest Surge
The Open Interest saw a strong surge as price broke past resistance, signaling capital flow into the market and bullishly positioned market participants. This was further confirmed by spot CVD remaining flat over recent days.
Next Two Weeks
Over the next two weeks it is possible that MATIC forms another range and retests lows before moving up again. Key resistances to watch out for include $1.49 and 1$7 .
Conclusion
MATIC’s impressive performance suggests that it may rally hard if BTC prices bounce back up again in future days.. Positive indicators such as increased trading volume, CMF levels, open interest surge, suggest capital flow into MATIC’s markets which could result in further gains ahead for investors who plan strategically
