Will Polygon [MATIC] beat its 26% drop, climb back towards $1?
  • ​​MATIC has risen nearly 6% in the past 24 hours.
  • Indicators and market indicators looked bearish.

polygon [MATIC] The last month has seen multiple price corrections as it continues to move down the list of top 20 cryptocurrencies.

However, the past 24 hours looked promising as the daily chart of the token turned green. Will MATIC fully recover?

Polygon is facing a problem

CoinMarketCap data It was revealed that the price of MATIC has fallen by more than 26% in the past 30 days. Due to the significant drop in price, MATIC has fallen to 18th place in the list of top 20 cryptocurrencies.

Popular cryptocurrency analyst World of Charts recently said, Tweet Highlight the behavior of Polygon. According to the tweet, MATIC is still consolidating within a descending channel.

A break above the $0.77 resistance level is important for MATIC to recover from its losses. A breakout above this could result in a massive bull market.

The situation in the past 24 hours has been optimistic for MATIC, with the token price increasing by 6%. At the time of writing, it is trading at $0.7419 and has a market capitalization of over $7.3 billion.

Thanks to the recent price increase, the token’s MVRV ratio has improved. This means that more investors have profited.

However, despite this, as currency inflows into Polygon increased, selling pressure on Polygon increased. Furthermore, while on-exchange supply has increased, off-exchange supply has decreased.

This further proved the fact that investors are selling MATIC and could cause problems for the bull market of the token.

Selling pressure on MATIC was high

Source: Santiment

The future of polygons

As the indicators suggested a price correction, AMBCrypto checked the daily chart of MATIC to better understand whether MATIC can break above $0.77 soon.

Similar to the indicators, we see that most indicators remain bearish regarding Polygon. Bollinger Bands pointed out that MATIC’s price is in a more volatile zone.

In addition, both MATIC’s Money Flow Index (MFI) and Chaikin Money Flow (CMF) recorded declines. This indicated that the bull market for the token could end soon.

Nevertheless, MACD supported buyers as it showed a bullish crossover.

Source: TradingView

Considering the utopian scenario in which MATIC maintains a rally of bullies, obstacles may still need to be overcome.

read of polygons [MATIC] price prediction 2024-25

AMBCrypto analyzed data from Hyblock Capital and found that MATIC liquidation value soared around $0.76. Increased liquidations increase the likelihood of price corrections.

Therefore, MATIC could successfully move above that level before eyeing the $0.77 resistance level.

Source: Hyblock Capital

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