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IS Now Polygon’s (MATIC) Golden Hour? Unpacking the Accumulation Phase

03.04.2024, 03:10   21
IS Now Polygon’s (MATIC) Golden Hour? Unpacking the Accumulation Phase

Polygon (MATIC) price faced a significant decline over the past 48 hours, bringing its two-week-long drawdown to a potential halt.

From here, the likely outcome will be an uptrend, making MATIC a rather profitable addition to portfolios.

The Market Value evinces this to the Realized Value (MVRV) ratio as well. The MVRV ratio tracks investor gains/losses. Polygon’s 30-day MVRV, now at -14.75%, indicates losses, possibly prompting accumulation. Historically, MATIC within -5% to -15% MVRV often precedes rallies, terming this area as an opportunity zone.

Read More: How To Buy Polygon (MATIC) and Everything You Need To Know

Additionally, the possibility of selling MATIC among investors is rather low at the moment. The reason behind this is the lack of profits. According to the historical break-even metric, nearly 53% of all investors are at a loss, leaving less than 42% of investors in profit.

Given that the price is declining right now, 42% of investors will refrain from selling their holdings at a lower price than Polygon. This will give accumulators an opportunity to witness some upside, consequently pushing Polygon’s price upwards.

If Polygon investors make their next move bullish instead of bearish, the likely outcome will be a rise in MATIC price. Trading above the $0.88 support level, in confluence with the 100-day EMA, the altcoin will potentially bounce off from here to reclaim the $0.92 resistance.

This price level has been tested as support multiple times in the past and would serve as a boost to the Polygon token to breach the $1.0 price point.

Read More: Polygon (MATIC) Price Prediction 2024/2025/2030

However, if the $0.88 support is lost, the altcoin could slip to $0.81, and falling through this level would invalidate the bullish thesis, leaving MATIC vulnerable to losing $0.80.



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