Polygon (MATIC) Investors Eyeing Opportunities Amid Recent Price Correction
Polygon (MATIC) investors are seeking to buy over selling as the altcoin experienced a significant price correction, dropping by 31% during the recent crypto market downturn. Despite this dip, MATIC holders are optimistic about the future and are looking for opportunities to accumulate more tokens.
The Market Value to Realized Value (MVRV) ratio for Polygon currently stands at -19%, indicating potential losses for investors. However, historical data suggests that MATIC typically bounces back within the -8% to -18% range, making it an attractive opportunity for accumulation.
One key factor driving investor sentiment is the nearly 1 billion MATIC tokens that were purchased between $0.67 and $0.73, totaling over $658 million. With MATIC’s current price at $0.68, this supply is on the brink of becoming loss-bearing. A slight uptick in price could turn this supply profitable once again, potentially sparking a rally in the market.
Looking ahead, MATIC price is expected to recover from its current level and potentially rally towards $0.80 and beyond. However, to achieve this, the altcoin will need to breach and flip resistance levels at $0.70 and $0.74 into support. Failure to do so could result in a further decline towards $0.60.
As always, it’s important to conduct your own research and consult with a professional before making any financial decisions. Market conditions can change rapidly, so staying informed is crucial for successful investing in the crypto space.
