MATIC’s $0.85 price target – Here’s ONE level that stands in its way

  • High liquidity at $0.73 could stop the price from appreciating further.
  • The token’s next target could be $0.85 if bulls can clear the hurdle.

Based on the analysis of AMBCrypto from the polygon MATIC liquidation heatmap, it appears that sellers may have reached their limit, but it’s unlikely that the price will jump above $0.73 in the near future.

In a heatmap, the color spectrum varies from purple to yellow: Purple tones signify a smaller predicted count for liquidations, while yellows denote higher predicted liquidation numbers.

Based on Coinglass’s findings, the price level of approximately $0.73 showed significant trading activity with potential open positions worth around $235,280 at risk of being liquidated.

MATIC’s $0.85 price target – Here’s ONE level that stands in its way

Will MATIC escape?

An additional factor to consider is that the same resistance level, at $0.73 for MATIC, could make it difficult for the token to advance if its value increases.

Currently, each Polygon native token is being traded for approximately $0.68. In the past week, this price represents a decrease of 25.56%.

However, the Market Value to Realized Value (MVRV) ratio indicated a possible rebound for MATIC.

At present, the MVRV ratio for the token, calculated over the past 30 days, stands at a level of -18.37%. Such a figure suggests that many token holders would incur losses if they chose to dispose of their tokens at the current market price.

On the opposite end of the scale, the MVRV (Market Value to Realized Value) ratio signaled that MATIC was underpriced based on past trends. Notably, Polygon has historically rebounded when it reaches this point.

Should buying pressure appear at this point, the price could surpass $0.70 in the short term.

Previously noted, the price of the token may encounter opposition at $0.73. But if bulls gain more control, this resistance could weaken, allowing Polygon to potentially advance towards approximately $0.85.

MATIC’s $0.85 price target – Here’s ONE level that stands in its way

In addition to considering the on-chain aspect, it’s valuable to examine the price possibilities using a technical analysis perspective. That’s what AMBCrypto did.

Based on the 4-hour timeframe, MATIC made an effort to surpass $0.75 on the 13th of April. However, it was unable to do so. A similar attempt occurred on the 15th, but bears prevented it from moving forward.

Price to swing sideways

Currently, the price of the token has found a floor at $0.67 among buyers in the market. If this level holds, the token’s value may avoid falling any further.

Additionally, the RSI for Polygon has dropped, suggesting that the market momentum is bearish. Given this trend, it seems unlikely that Polygon’s price will reach $0.70 in the near future.

If the Relative Strength Index (RSI) indicates that MATIC is in oversold territory, there’s a chance it could bounce back. According to the Fibonacci retracement analysis for short-term price projections, MATIC may oscillate between approximately $0.62 and $0.67.

MATIC’s $0.85 price target – Here’s ONE level that stands in its way

Read Polygon’s [MATIC] Price Prediction 2024-2025

Another interpretation is that the Awesome Oscillator produced green histogram bars, indicating a possible reversal of the current downtrend.

If the current situation holds, it’s likely that the MATIC price will trend towards $0.71, which is where the 0.236 Fibonacci retracement level lies.

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2024-04-17 10:15