🤑 It doesn’t get more affordable. Grab this 60% OFF Black Friday offer before it disappears…CLAIM SALE

Polygon (MATIC) Price on the Brink of Recovery as Bullish Signals Emerge

Published 28/06/2024, 05:30 am
Polygon (MATIC) Price on the Brink of Recovery as Bullish Signals Emerge
MATIC/USD
-

The News Crypto -

  • Polygon (MATIC) price is on the brink of recovery after hitting a nine-month low.
  • The MACD indicator suggests a bullish crossover, while the MVRV ratio indicates a historical opportunity for accumulation.
  • The ideal target for MATIC price is to reenter the consolidation zone between $0.75 and $0.64.

Polygon (MATIC) price is on the cusp of initiating a recovery after the altcoin plummeted to its lowest point since November 2023, with the potential rally’s success hinged on the actions of investors who hold the key to the cryptocurrency’s future trajectory.

The market is closely watching for signs of a turnaround, as MATIC’s price movement could have significant implications for the broader altcoin market.

Polygon Displays Positive Indicators for a Potential Rebound

The MATIC price may be poised to benefit from the positive signals visible on the network, particularly the Moving Average Convergence Divergence (MACD) indicator, which suggests that MATIC is on the verge of a bullish crossover, a development that could signal a shift in market momentum and a potential recovery for the altcoin.

The MACD is a widely used technical indicator among traders, as it helps identify potential changes in market momentum. When the MACD line crosses above the signal line, it is often interpreted as a bullish signal, indicating that the asset may be ready for a positive price movement.

For MATIC, a bullish crossover in the MACD could signify that the recent downtrend is nearing its end, and a period of upward momentum may be on the horizon.

Another promising indicator for Polygon is the Market Value to Realized Value (MVRV) ratio, which assesses investor profit and loss and currently stands at -10% for the 30-day period, suggesting that investors are experiencing losses, a situation that may lead to increased buying pressure.

Historically, when the MATIC MVRV ratio falls between -5% and -15%, it often marks the beginning of recovery rallies and presents an opportune moment for accumulation.

If MATIC investors decide to capitalize on this opportunity and invest in the altcoin at this juncture, it could provide the necessary support for the recovery to gain traction.

This content was originally published on The News Crypto

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.