2024-6-19 15:00 |
Polygon (MATIC) price could make a comeback with the support of its investors, provided they move in a positive direction.
The broader market also seems to be cooling down, which could aid in the recovery of the asset.
Are Polygon Investors Willing to Trigger Recovery?MATIC price has been in a downtrend since the beginning of March, and it has not yet come to an end. However, the same could change as the altcoin is looking at potential recovery, given the broader market cues are turning positive.
This is visible in the Relative Strength Index (RSI). RSI is a momentum oscillator that measures the speed and change of price movements. It is typically used to identify overbought or oversold conditions in a market. It ranges from 0 to 100, with levels above 70 indicating overbought conditions and below 30 indicating oversold conditions.
In the case of MATIC, the RSI is currently in the bearish zone but has not yet reached the oversold territory. This indicates that the market sentiment is still negative.
MATIC RSI. Source: TradingViewHowever, being in the bearish zone without hitting the oversold level is often seen as a sign that a recovery could be on the horizon.
Additionally, the Market Value to Realized Value (MVRV) ratio is also signaling recovery. The MVRV ratio assesses investor profit and loss. Currently, Polygon’s 30-day MVRV stands at -15%, indicating losses, which may lead to buying pressure.
Historically, MATIC MVRV between -10% and -20% usually signals the start of rallies, marking an opportunity zone for accumulation.
Read More: How To Buy Polygon (MATIC) and Everything You Need To Know
MATIC MVRV Ratio. Source: SantimentShould investors move to add MATIC to their wallets, the altcoin could initiate a rally.
MATIC Price Prediction: A Bounceback RemainsMATIC price under $0.60 has witnessed a considerable decline in the last couple of days. Not only did the Polygon native token break below the consolidation, but it also marked an eight-month low.
Considering $0.53 as the next critical support floor, MATIC is already changing hands at $0.57. Either a bounce back from this support or continued recovery could push the altcoin back up into the consolidation range of $0.75 and $0.64.
Read More: Polygon (MATIC) Price Prediction 2024/2025/2030
MATIC Price Analysis. Source: TradingViewHowever, if MATIC price slips below the support instead, it could invalidate the bullish thesis as it falls below $0.50. This would make recovery much more difficult for the crypto asset.
The post Polygon (MATIC) Recovery Next After Price Hits 8-Month Low appeared first on BeInCrypto.
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