Summary
TLDR: Polygon (MATIC) price is trending downwards and may fall below $1 soon. Technical indicators show bearish signals, but historical data suggests a potential market rally in the future. Investors who bought at $0.96 may provide support, preventing MATIC from dropping below $1.
Key Points
1. Polygon (MATIC) price has dropped from $1.26 to $1.05, falling through multiple support levels and the 50-day Exponential Moving Average (EMA).
2. Technical indicators like Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are exhibiting bearish signals, indicating a potential sell-off.
3. The Market Value to Realized Value (MVRV) ratio for MATIC is below the zero line, suggesting that investors who bought the asset in the last month are currently experiencing a 3% loss.