MATIC Nears $0.85 Target; High Liquidity at $0.73 May Stall Progress
The Bottom Line
Polygon (MATIC) is on the verge of reaching its price target of $0.85. However, a crucial hurdle at $0.73 could jeopardize this endeavor. High liquidity at this level suggests that overcoming this mark is unlikely in the short term. The current market situation and technical indicators suggest that MATIC is facing a challenging phase but also offers chances for recovery.
Liquidity as a Key Hurdle
The analysis of the liquidation heatmap shows that positions worth nearly $250,000 could be liquidated at a price of $0.73. This high liquidity could serve as resistance and hinder MATIC’s price increase. Currently, the token is traded at a value of $0.68, which corresponds to a correction of 25.56% in the last week.
Market Value to Realized Value (MVRV)
The MVRV indicator suggests that MATIC is currently undervalued. An MVRV ratio of -18.37% indicates that most holders would realize losses if they sold at the current price. Historically, such a constellation often led to a price recovery of MATIC. If buying pressure were to increase, the price could rise to over $0.70 in the short term.
Technical Analysis and Short-Term Outlook
A technical analysis underscores MATIC’s difficulties in surpassing the $0.75 mark. With current support at $0.67 and a downward trending Relative Strength Index (RSI), the price could initially trend sideways. The Fibonacci retracement analysis suggests that MATIC could fluctuate between $0.62 and $0.67. A positive indicator is the Awesome Oscillator (AO), which signals a possible reversal of the downward momentum.
Our Assessment
The situation around Polygon (MATIC) remains tense, with a significant hurdle to overcome. The high liquidity at $0.73 poses a serious challenge, but the undervalued position according to MVRV and positive signals from the AO could suggest an impending recovery. Investors should closely monitor developments and be ready to respond to market changes. As always, it is important to conduct your own research and not rely solely on market indicators.
Sources
– Coinglass
– Santiment
– TradingView
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