- MATIC might slip to $0.68 irrespective of the forthcoming update.
- Holders have an average profit of 31.85% but it is not time to go long.
Like most cryptocurrencies, Polygon [MATIC] has experienced a significant price decline in the last seven days. At press time, MATIC changed hands at $0.72, down 16.39% in the past week.
However, the underwhelming price action has not stopped Polygon Labs from going ahead with its set-out plans. On the 24th of January, Polygon posted that it would launch the “AggLayer” in February.
Liquidity isn’t a guarantee for a price increase
For the uninformed, the team describes AggLayer as a way to unify cross-chain liquidity in the ecosystem. The project also noted that the AggLayer would be an integral part of Polygon 2.0 which has been in the works for a while.
But will the development bring any change to MATIC? Well, in some cases, developments like this offer a positive reaction from the native tokens. However, others either lead to drawdowns or sideways movement.
From a technical point of view, MATIC risked another decline. This was based on the indications shown by the Exponential Moving Average (EMA).
At press time, MATIC was positioned below the 20 EMA (blue) and 50 EMA (yellow). While the 20 EMA was at $0.73, the 50 EMA closed at $0.76. The crossover is considered bearish. So, MATIC could drop below the $0.70 region in the short term.
Furthermore, the Relative Strength Index (RSI) was 42.50 at press time. The indicator’s inability to reach the 50.00 midpoint suggests that buyers’ presence was not enough to push MATIC upwards.
If sellers continue to dominate the market, then MATIC’s next movement could end up at $0.70. However, the Moving Average Convergence Divergence (MACD) had flipped negative. This indicated that bullish momentum could return in MATIC’s favor soon.
Source: TradingView
If that happens, then MATIC might retest $0.75. But if the MACD reading does not grow, a drawdown as low as $0.68 could be plausible.
“Long not the token”
Furthermore, on-chain data from Santiment showed that the Market Value to Realized Value (MVRV) ratio had increased to 31.85%. This ratio evaluates the tops and bottoms of a cryptocurrency.
It also shows the average profit/loss of all tokens in circulation. So, the ratio above means that if all MATIC holders sell, they would make an average profit of 31.85% on their buys.
Read Polygon’s [MATIC] Price Prediction 2024-2025
At the same time, the hike does not seem good for the price action. This is because it shows that the market is a little bit overheated. So, it might not be a good time to open long MATIC positions.
Source: Santiment
However, if MATIC’s price decreases, the MVRV ratio would also follow. Should this be the case, traders should be on the lookout for entries for spot trades or find a position to long the token.
where can i buy generic clomiphene without dr prescription clomid chart can you get clomiphene without rx how to buy clomiphene pill how much does clomiphene cost without insurance cost of cheap clomiphene for sale clomiphene cycle
Thanks on sharing. It’s outstrip quality.
More articles like this would remedy the blogosphere richer.
buy azithromycin online – order floxin 200mg without prescription buy metronidazole 200mg pill
buy cheap semaglutide – buy rybelsus 14 mg cyproheptadine price
buy azithromycin 500mg online cheap – nebivolol 5mg drug bystolic 5mg drug
clavulanate for sale – atbioinfo buy ampicillin online cheap
buy nexium pills for sale – https://anexamate.com/ nexium 40mg over the counter
warfarin 5mg pills – https://coumamide.com/ buy losartan generic
mobic us – https://moboxsin.com/ buy mobic 7.5mg for sale
order prednisone without prescription – apreplson.com order deltasone 10mg without prescription
ed remedies – https://fastedtotake.com/ buy ed pills generic
amoxil drug – combamoxi.com cheap amoxicillin
buy generic forcan over the counter – https://gpdifluca.com/ fluconazole 200mg brand
order cenforce pill – https://cenforcers.com/ buy cenforce medication
cialis free 30 day trial – cialis price canada where can i buy cialis online in canada
reddit cialis – cialis best price cialis 20mg price
zantac 300mg canada – https://aranitidine.com/ ranitidine ca
buy cheap viagra online – https://strongvpls.com/# generic viagra blue pill 100 on one side
The thoroughness in this draft is noteworthy. propecia efectos secundarios
Greetings! Very gainful suggestion within this article! It’s the petty changes which liking turn the largest changes. Thanks a lot in the direction of sharing! brand neurontin 100mg
I am actually happy to glance at this blog posts which consists of tons of worthwhile facts, thanks towards providing such data. https://ursxdol.com/amoxicillin-antibiotic/
Proof blog you be undergoing here.. It’s intricate to assign strong worth script like yours these days. I honestly appreciate individuals like you! Rent care!! https://prohnrg.com/product/get-allopurinol-pills/
This is the big-hearted of writing I rightly appreciate. https://aranitidine.com/fr/clenbuterol/
More posts like this would force the blogosphere more useful. https://ondactone.com/spironolactone/
More delight pieces like this would create the web better.
https://proisotrepl.com/product/baclofen/
More articles like this would pretence of the blogosphere richer. http://www.haxorware.com/forums/member.php?action=profile&uid=394306
order dapagliflozin 10 mg generic – dapagliflozin 10 mg pills dapagliflozin online buy
buy xenical without a prescription – https://asacostat.com/ buy xenical 60mg generic