- The price of MATIC has fluctuated slightly over the last 7 days.
- Market indicators suggested that MATIC may turn bullish.
Several cryptocurrencies showed strength last week, but Polygon (MATIC) The bulls stepped aside.
However, if MATIC succeeds in meeting one key condition, it is likely to see a huge price surge in the coming days, which could push it back into the top 20 list.
Let’s take a look at what MATIC is cooking up.
Polygon investors suffered losses
CoinMarketCap’s data The price of MATIC has shown a slight increase over the past 7 days. A similar trend is seen on the 24-hour chart.
At the time of writing, MATIC was trading at $0.4215 and had a market cap of over $4 billion, making it the 21st largest cryptocurrency.
According to IntoTheBlock, only 2% of MATIC investors have made a profit due to the massive price drop over the past few months. data.
This also had a negative impact on Polygon’s social metrics, as the weighted sentiment went into negative territory, suggesting an increase in bearish sentiment around it.
But last week there was a spike in social volume.
Source: Santiment
However, popular cryptocurrency analyst Ali recently wrote: tweet This hinted at an upward rally in MATIC.
If that happens, investors could watch the token hit $50 and reclaim its spot in the top 20 cryptocurrencies by market cap.
However, this rally will only happen if Polygon closes above $0.30 this week.
What to expect from MATIC
AMBCrypto took a closer look at the token’s on-chain data and found out the probability of it closing above $0.30. We found that MATIC’s trading volume has decreased over the past week.
A decline in this indicator usually suggests that the current price trend is likely to change. Another bullish signal is the MVRV ratio, which has improved over the past seven days.
However, exchange supply has increased slightly over the past few days, indicating strong selling pressure.
Source: Santiment
AMBCrypto checked the daily chart of Polygon to see what the market indicators are suggesting. The technical indicator MACD showed a bullish crossover.
Chaikin Money Flow (CMF) also showed an upward trend, suggesting a price rally. Nevertheless, the Relative Strength Index was down at 40 at the time of writing.
Source: TradingView
read Polygon(MATIC) Price Prediction 2024-25
If a bullish rally occurs, the price of Polygon could reach $0.44 in a few days, which could start the journey towards $50 in the coming months.
However, if the bears dominate the market, MATIC could crash to $0.38. In either case, it seems likely that the token will close above $0.30.
Source: Hyblock Capital