The Polygon (MATIC) community is buzzing with optimism after a crypto analyst, Ali Martinez, identified MATIC as entering a “buy zone.” Martinez based this assessment on his analysis of the 30-day MVRV (Market Value to Realized Value). This indication suggests that MATIC’s price could potentially rise significantly in the near future.
Martinez’s evaluation relies on past trends. He noticed that whenever MATIC entered this specific buy zone before, substantial price increases followed. If this pattern repeats itself, it could signal a bullish trend for Polygon in the coming months.
As of April 7, 2024, MATIC is trading at $0.9050. This represents a slight 1.95% increase in the last 24 hours. However, a broader view reveals a different story. MATIC has experienced a 21.30% decline over the past 30 days, reflecting a recent bearish trend, suggests a possible reversal in MATIC’s current downward trajectory.
Furthermore, the 20-day Exponential Moving Average (EMA) is bending down from the 50-day EMA, suggesting little downfall; however, 50 and 100 EMA are still above the 200-day EMA.
Polygon 2.0 Upgrade Impact on MATIC Token
Polygon is currently undergoing fundamental changes that could influence its price for the rest of the year. One key change is an upgrade to Polygon 2.0 and switching from the MATIC token to the POL token as the main gas and staking asset of the Polygon ecosystem.
This change may lead to less trading activity for MATIC, which could result in dull price movement. However, MATIC appears well-positioned for further gains if a technical indicator proves accurate and the overall crypto market becomes strongly bullish again. As a result, MATIC could potentially gain enough strength from buyers to push above $1 once more.
The past two weeks have been difficult for Polygon investors, as the cryptocurrency’s price has fallen from around $1.3 on March 24th to the current $0.91 level, a decrease of over 29%. The trend shows the downward trajectory in MATIC’s value over the past month. During this decline, the TD Sequential buy signal may provide a glimmer of hope for Polygon holders.
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