- Sentiment towards MATIC has turned negative over the past few days.
- Some market indicators also declined.
Polygon (MATIC) has finally pushed its price above $1 after holding its price below $1 for several months.
Therefore, AMBCrypto planned to check the current state of MATIC to better understand whether it can stay above $1 in March.
What is MATIC doing?
The value of MATIC has surged more than 10% in the past seven days, hitting $1, raising hopes for an upside.
According to CoinMarketCap, at the time of this writing, MATIC is trading at $1.10 with a market capitalization of over $10.9 billion, making it the 15th largest cryptocurrency.
Despite MATIC trading above $1, social indicators show an increase in bearish sentiment towards the token.
This is evident from the fact that Weighted Sentiment has fallen.
This means investors are expecting a price correction. Nonetheless, social volume increased, proving its popularity in the cryptocurrency space.
Source: Santiment
Is this a price correction or a further upward trend?
Since bearish sentiment towards the token has risen, AMBCrypto checked Santiment’s data to get a better understanding of what to expect. Our analysis shows that the token’s MVRV ratio has declined over the past week.
Network growth has also decreased over the past few days, meaning that fewer addresses are being created to transfer tokens.
Source: Santiment
Since the aforementioned indicators looked bearish, AMBCrypto checked the daily chart of MATIC. Our analysis shows that the price has touched the upper limit of the Bollinger Bands.
This suggests that selling pressure on the token may increase, causing its value to decline over the next few days.
In addition, Polygon’s Relative Strength Index (RSI) also remained in the overbought range, further increasing the possibility of a price decline.
read Polygon (MATIC) Price Prediction 2024-25
Nonetheless, the MACD showed a bullish crossover, which benefited buyers.
Chaikin Money Flow (CMF) also recorded an upward trend, suggesting that the possibility of prices moving north cannot be ruled out.
Source: TradingView