• MATIC has seen a drop of over 30% since 5 June due to regulatory uncertainty.
• MATIC could face a price rejection at the mid-range level of $0.6530 and retest the bullish OB of $0.3160 – $0.5010.
• Selling pressure looms for MATIC as whale interest hasn’t resulted in a strong upswing on its price charts.
MATIC’s Regulatory Uncertainty Continues
MATIC has lost over 30% of its value since 5 June amidst regulatory uncertainty from the US SEC classifying it as a security earlier this month. Despite significant whale interest, no strong recovery was observed and prices are expected to fall further if resistance at the mid-range of $0.6530 holds up.
Selling Pressure Rising
The decline in MATIC’s Chaikin Money Flow (CMF) and Relative Strength Index (RSI) indicate increased selling pressure and capital outflows from the market. A breach of the bullish order block (OB) between $0.3160 and 0$0.$5010 could expose MATIC to more aggressive selling, pushing it to as low as $0.1800, while bulls must clear the mid-range roadblock before advancing towards resistance at $0.6984 for any upside progress in prices..
Whale Interest Insufficient
The US regulatory pressure has led to an increase in >$1 million whale transactions, but this hasn’t been sufficient to push prices up significantly yet as they remain stuck below their descending channel’s mid-range of $0.6530 at press time..
Supply On Exchange Spikes
The supply on exchanges also tracks short-term selling pressure and saw rapid movements in recent days with a spike followed by a sharp decline before spiking again only to ease off at press time indicating that more selling is expected soon should resistance hold up..
Despite whale activity, MATIC is still facing immense downward pressure due to ongoing regulatory uncertainty which has yet to be resolved before further gains can be made on its price chart performance