Will Polygon [MATIC] beat its 26% drop, climb back towards $1?

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    ​​MATIC was up by nearly 6% in the last 24 hours. 
    Metrics and market indicators looked bearish. 

As a crypto investor, I’ve noticed that Polygon (MATIC) has had a rough month with its price dropping over 26%, causing it to slide down the list of top 20 cryptos. However, there was some good news in the last 24 hours as MATIC’s daily chart turned green, with the token increasing by nearly 6%. But, will this be enough for a full recovery?

Over the past month, the price of Polygon [MATIC] on the cryptocurrency market has experienced several adjustments, causing it to slide further down in the ranking of the top 20 digital currencies.

In the past day, the cryptocurrency market showed signs of improvement for MATIC as its daily chart displayed a green trend. Yet, it’s uncertain if this positive development will lead to MATIC’s complete recuperation.

Polygon is facing trouble 

As a crypto investor, I’ve noticed that MATIC‘s value has taken a significant hit over the past month, with CoinMarketCap reporting a more than 26% decrease in price. Consequently, MATIC has slipped down the rankings and is now holding the 18th position among the top 20 cryptocurrencies.

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In their latest tweet, the well-known cryptocurrency analyst, World of Charts, pointed out that Polygon’s digital token, MATIC, has been confined to a downward trending channel.

For MATIC to bounce back from its losses, it’s essential that it surpasses the $0.77 resistance point. Doing so may trigger a significant upward trend.

In the past day, MATIC‘s token price saw a promising uptick of approximately 6%. Currently, the token is being exchanged at a rate of $0.7419 and boasts a market value exceeding $7.3 billion.

Due to the latest increase in price, the token’s MVRV ratio has become more favorable. This signifies that a larger number of investors are currently experiencing profits.

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Despite the increase in selling pressure, Polygon experienced a significant rise in exchange inflows. Concurrently, the amount of its supply held on exchanges grew, while its off-exchange supply decreased.

As a crypto investor, I’ve observed that the selling pressure on MATIC has increased significantly, indicating that many investors are offloading their positions. This could potentially hinder the token’s ongoing bull run.

Polygon’s road ahead 

As an analyst, I observed that the metrics indicated a need for price adjustment in MATIC. To gain a clearer perspective, I examined its daily chart to assess if MATIC was capable of surpassing the resistance level at $0.77 in the near future.

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As a crypto investor, I’ve observed that Polygon’s indicators, similar to metrics, continued to exhibit bearish signs for me. The Bollinger Bands served as a useful tool in highlighting that MATIC‘s price had moved into a less volatile range.

As an analyst, I’ve noticed that MATIC‘s Money Flow Index (MFI) and Chaikin Money Flow (CMF) have seen a decrease in value. This decline suggests that the current bullish trend for the token could be nearing its conclusion.

Nonetheless, the MACD supported buyers as it displayed a bullish crossover.

In an ideal situation where MATIC continues its bullish trend, it may still encounter a challenge.

Read Polygon’s [MATIC] Price Prediction 2024-25

Based on the findings from AMBCrypto’s investigation of Hyblock Capital’s figures, there is a significant likelihood that the price of MATIC will experience a correction when its liquidation threshold approaches the $0.76 level. As liquidation levels climb, it becomes more probable for the market to undergo price adjustments.

Therefore, MATIC might successfully go above that level before setting eyes on $0.77 resistance.

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2024-04-29 01:11