- The price of MATIC has fallen by more than 5% over the past seven days.
- Market sentiment surrounding Polygon has turned bullish.
Polygon (MATIC) They have been struggling to raise prices for quite some time. However, despite looking bearish at first glance, things may take a U-turn as MATIC consolidates inside the pattern. A successful test of the pattern could result in a rally.
Polygons at important points
CoinMarketCap’s data It said that the price of MATIC has fallen by more than 5% over the past seven days. At the time of this writing, MATIC was trading at $0.5778 with a market capitalization of over $5.72 billion.
The scale of MATIC’s bearish price action over several weeks was further revealed when we checked data from IntoTheBlock. We found that only 39.8k addresses, or 6% of MATIC investors, were “in the money.”
This means that only 6% of MATIC investors made a profit.
Source: IntoTheBlock
However, renowned cryptocurrency analyst World Of Charts recently posted the following: Twitter We highlight interesting developments.
According to the tweet, this was the last opportunity for investors to buy MATIC at a lower price as the token was testing a critical support level in a bullish pattern.
Polygons have been integrated inside the pattern since 2021.
meIf f MATIC turns bullish and breaks out of the bullish pattern, investors could witness a large bullish rally. In fact, this rally could push MATIC up to $4 or $5 in the coming months.
Source: X
Is a bull rally just around the corner?
Since the aforementioned analysis pointed out opportunities to stockpile MATIC, AMBCrypto checked Santiment’s data to see if investors were buying the token.
Our analysis shows that MATIC has seen a surge in exchange outflows over the past week.
Additionally, while supply within exchanges decreased, supply outside of exchanges increased. This clearly indicates increased buying pressure.
However, whales did not show much movement, which was evident from the relatively flat supply held by the top address graph.
Source: Santiment
It’s interesting to note that Polygon’s weighted sentiment has improved significantly over the past few days, despite the bearish price action. This means that optimistic sentiment towards the token has increased.
Additionally, social volume remained high, reflecting Polygon’s popularity in the cryptocurrency space.
Source: Santiment
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Technical indicator MACD indicated a possible bullish crossover. The Money Flow Index (MFI) is on the rise and heading further north, indicating the potential for further price rises.
Nonetheless, Chaikin Money Flow (CMF) remained in bearish favor as it moved south.
Source: TradingView