Polygon (MATIC) Price Prediction: Will MATIC See a Bull Run as it Nears a 9-Month Low?

Polygon (MATIC) price is closing in on initiating a recovery after the altcoin fell to the lowest point since November 2023.

Polygon (MATIC) price is approaching a recovery point after falling to its lowest level since November 2023.

However, investors' actions will ultimately determine the success or failure of the potential MATIC rally.

Bullish Signs for Polygon

A positive signal for MATIC's price is the Moving Average Convergence Divergence (MACD) indicator, which shows MATIC on the brink of a bullish crossover.

This technical indicator is widely used by traders to identify potential shifts in market momentum. When the MACD line crosses above the signal line, it often indicates that the asset is preparing for a positive price movement.

In the case of MATIC, a bullish crossover would indicate that the recent downtrend is ending and a period of upward momentum may be starting. Investors often look for such signals to decide when to enter the market, which could lead to increased buying activity and further support the price recovery.

Another bullish indicator for investors is the Market Value to Realized Value (MVRV) ratio, which measures investor profit and loss.

Currently, Polygon’s 30-day MVRV is at -10%, indicating losses, which could trigger buying pressure. Throughout history, MATIC MVRV between -5% and -15% has usually signaled the beginning of recovery rallies, presenting an opportunity zone for accumulation.

Thus, if investors decide to enter the altcoin at this point, it could aid the recovery.

MATIC Price Prediction: Needs To Bounce Back

The price of MATIC, which is currently trading at $0.55, has reached a nine-month low and is approaching the crucial support level of $0.53.

Given the aforementioned factors, which favor a recovery, the likelihood of a bounce back from this level is high.

The optimal goal for the MATIC price is to return to the consolidation zone between $0.75 and $0.64. These limits kept the altcoin contained for nearly two months, and the same could occur again upon recovery.

On the other hand, if the bullish scenario does not unfold as anticipated, the native token of Polygon could fall below the $0.53 mark.

Consequently, the bullish thesis could be invalidated. As a result, the price of MATIC could drop to $0.45, the next key support level.

The above is the detailed content of Polygon (MATIC) Price Prediction: Will MATIC See a Bull Run as it Nears a 9-Month Low?. For more information, please follow other related articles on the PHP Chinese website!