IS Now Polygon’s (MATIC) Golden Hour? Unpacking the Accumulation Phase

Analysis3wks agoUpdate 6086cf...
34 0

In Brief

  • MATIC price is currently just under the $0.90 mark and could continue its downtrend up to a certain point.
  • However, per the MVRV ratio, the asset is currently in the best position to be accumulated.
  • Since more than 50% of all investors are currently facing losses, the possibility of selling is rather low.

Polygon (MATIC) price faced a significant decline over the past 48 hours, bringing its two-week-long drawdown to a potential halt.

From here, the likely outcome will be an uptrend, making MATIC a rather profitable addition to portfolios.

Polygon Investors Bullish?

MATIC price under $0.900 is the first such instance since mid-February. The cryptocurrency marked a high of $1.26 in mid-March and since then has been engaged in a decline. This has resulted in the altcoin losing its value to the point where it seems like a rather good option to accumulate.

The Market Value evinces this to the Realized Value (MVRV) ratio as well. The MVRV ratio tracks investor gains/losses. Polygon’s 30-day MVRV, now at -14.75%, indicates losses, possibly prompting accumulation. Historically, MATIC within -5% to -15% MVRV often precedes rallies, terming this area as an opportunity zone.

IS Now Polygon’s (MATIC) Golden Hour? Unpacking the Accumulation Phase
Polygon MVRV Ratio. Source: Santiment

Read More: How To Buy Polygon (MATIC) and Everything You Need To Know

Additionally, the possibility of selling MATIC among investors is rather low at the moment. The reason behind this is the lack of profits. According to the historical break-even metric, nearly 53% of all investors are at a loss, leaving less than 42% of investors in profit.

IS Now Polygon’s (MATIC) Golden Hour? Unpacking the Accumulation Phase
Polygon Historical Break-Even. Source: IntoTheBlock

Given that the price is declining right now, 42% of investors will refrain from selling their holdings at a lower price than Polygon. This will give accumulators an opportunity to witness some upside, consequently pushing Polygon’s price upwards.

MATIC Price Prediction: Recovery Awaits

If Polygon investors make their next move bullish instead of bearish, the likely outcome will be a rise in MATIC price. Trading above the $0.88 support level, in confluence with the 100-day EMA, the altcoin will potentially bounce off from here to reclaim the $0.92 resistance.

This price level has been tested as support multiple times in the past and would serve as a boost to the Polygon token to breach the $1.0 price point.

IS Now Polygon’s (MATIC) Golden Hour? Unpacking the Accumulation Phase
MATIC/USDT 1-day chart. Source: TradingView

Read More: Polygon (MATIC) Price Prediction 2024/2025/2030

However, if the $0.88 support is lost, the altcoin could slip to $0.81, and falling through this level would invalidate the bullish thesis, leaving MATIC vulnerable to losing $0.80.

This article is sourced from the internet: IS Now Polygon’s (MATIC) Golden Hour? Unpacking the Accumulation Phase

Related: 3 Altcoins That Can Reach New All-Time Highs in March

In Brief Ocean Protocol (OCEAN) broke out from a long-term descending resistance trend line. It could be in wave three of a five-wave increase. Aptos (APT) has reached a confluence of Fib and horizontal resistance levels. A breakout above the can take it to a new all-time high. iExec RLC (RLC) broke out from a long-term ascending parallel channel. It has reached the final resistance area before an all-time high. These altcoins have bullish-looking formations and could reach new all-time highs in March. February was extremely bullish for the cryptocurrency market. New highs were seen across the board in Bitcoin (BTC) and several altcoins. BeInCrypto looks at the top altcoins for March that could hit new all-time highs. Ocean Protocol (OCEAN) Begins Ascent Towards All-Time High OCEAN’s price has increased…


© Copyright Notice

Related articles

No comments

You must be logged in to leave a comment!
Login immediately
No comments...