Polygon (MATIC) enthusiasts remain undeterred as they continue to push the price of the digital asset higher despite a prevailing bearish market structure, While the higher timeframe structure paints a bearish picture, buyers have been steadily driving prices upwards.
At the time of writing, MATIC is priced at $0.541671 on CoinGecko, marking a 2% gain in the past 24 hours and a noteworthy 4.5% increase over the course of a week.
Derivatives Market Wary Despite MATIC’s Resilience
Market participants in the derivatives sector have, however, approached MATIC’s recent bullish moves with caution. Data provided by Coinalyze reveals a consistent dip in Open Interest, even in the face of decent price gains. This dip suggests a lack of conviction among traders regarding MATIC’s price rebound.
However, there are underlying indicators that may paint a more optimistic picture for Polygon, according to price analysis. The Funding Rate has remained positive since last week, and the Spot CVD
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