Summary
Polygon’s (MATIC) price has dropped significantly over the past 48 hours, potentially halting a two-week drawdown. This may signal the start of an uptrend, making MATIC a profitable addition to portfolios. Historical data suggests that MATIC is in an accumulation phase, with a low MVRV ratio and a high percentage of investors at a loss. If investors remain bullish, the price is expected to rise, bouncing off the $0.88 support level and potentially reaching $1.0. However, if the support is lost, MATIC could fall to $0.81 or even $0.80.
Key Points
1. Polygon (MATIC) price has experienced a significant decline over the past 48 hours, potentially halting its two-week-long drawdown.
2. The Market Value evinces a Realized Value (MVRV) ratio of -14.75% for MATIC, indicating losses and prompting accumulation. Historical data shows that MATIC within -5% to -15% MVRV often precedes rallies, making this an opportunity zone.
3. If Polygon investors choose a bullish stance, MATIC price is likely to rise. Trading above the $0.88 support level could lead to a bounce back to reclaim the $0.92 resistance, ultimately aiming to breach the $1.0 price point.