MATIC Nears $0.85 Target; High Liquidity at $0.73 May Stall Progress

Share on Facebook Share on Twitter

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

Share on Facebook Share on Twitter

The 3 best crypto casinos

Up to 1 BTC + 100 Free Spins
Welcome bonus
BETSFTD
99 /100
Excellent
Cryptocurrencies (24)
  • Bitcoin Logo
  • Bitcoin Cash Logo
  • Chainlink_Logo
  • dai-logo
  • Dogecoin Logo
  • Ethereum Logo
  • Litecoin Casino
  • Polygon (MATIC) Signet
  • Ripple XRP Logo
  • Tether (USDT) Logo
  • tron-logo
  • usd-coin-logo
  • Zcash Signet (black)
Bets.io review
Bonus Information Bets.io
Wagering requirements 40x deposit + bonus
40x free spins winnings
Minimum deposit 0.00034 BTC or equivalent
Maximum bet 0.00003 BTC or equivalent
Bonus validity 30 days to claim
14 days to wager
  • Minimum deposit: 0.048 BCH • 0.0068 ETH • 0.26 LTC • 154 DOGE • 20 USDT • 40 XRP • 180 TRX • 48 ADA • 0.04 BNB • 20 BUSD • 20 USDC.
  • Maximum bet per round: 0.005 BCH • 0.0007 ETH • 0.03 LTC • 15 DOGE • 2 USDT • 4 XRP • 19 TRX • 4.8 ADA • 0.004 BNB • 2 BUSD • 2 USDC.
  • Free spins are credited on “Max Miner” by Gamebeat, 20/25 free spins per a day.
How did we rate this casino

Bets.io is our number 1 among crypto casinos because they have kept everything great about Dama Casinos, such as their excellent game selection and well-known reliability, while eliminating the frustrating KYC processes and traditional payment methods that can hinder the full crypto casino experience.

Author & Responsibility: Steven Harper
Last update by Isabella Brown on 27. May 2024
Curaçao License
Curaçao
Licence
100% up to 1 BTC
Welcome bonus
Cryptocurrencies (9)
  • Bitcoin Logo
  • Bitcoin Cash Logo
  • Dogecoin Logo
  • Ethereum Logo
  • Litecoin Casino
  • Tether (USDT) Logo
  • tron-logo
  • usd-coin-logo
Metaspins review
Bonus Information Metaspins
Wagering requirements 40x bonus
Minimum deposit 0,1 mBTC
Maximum bet $5 per spin
Bonus validity 7 days to wager
  • There is no cap on winnings or withdrawals.
How did we rate this casino

Metaspins is still a very young crypto casino, but it can already convince with a very modern website, a good selection of games and, above all, an excellent bonus.

Isabella Brown
Author & Responsibility: Isabella Brown
Last update by Abby Richards on 27. May 2024
Curaçao License
Curaçao
Licence
100% without limit + 100 Free Spins
Welcome bonus
Cryptocurrencies (11)
  • Bitcoin Logo
  • Bitcoin Cash Logo
  • Dogecoin Logo
  • Ethereum Logo
  • Litecoin Casino
  • Ripple XRP Logo
  • Tether (USDT) Logo
  • tron-logo
  • usd-coin-logo
CoinKings review
Bonus Information CoinKings
Wagering requirements 35x bonus
35x free spins winnings
Minimum deposit €20
Maximum bet €5
Bonus validity 14 days for deposit bonus
7 days for free spins
  • There is no maximum bonus amount.
  • 10 Free Spins per day over ten (10) days on Gates of Olympus or Book of Ra Deluxe.
How did we rate this casino

In addition to an unlimited bonus, Coinkings.io has a lot to offer. We have a high tolerance for VPNs, an impeccable selection of cryptocurrencies and, above all, an experienced team that immediately provided a wide range of games. In combination, all of this is very convincing.

Author & Responsibility: Gregor Ziegler
Last update by Isabella Brown on 27. May 2024
Curaçao License
Curaçao
Licence

Latest News

Created by

I had my first experience with slot machines in 2011 during my semester abroad in Las Vegas. Back in Germany, I wanted to play the same slots, but that was only possible online. Since then, I've been playing slots in online casinos and love crazy ideas.
Reviewed by
Nerd of Numbers

Last update: 19. April 2024

kryptocasinos.com Logo Advertising transparency

We are independent, transparent and funded by revenue we generate when you sign up at a casino through us.

Our goal is to help you make better decisions when choosing a casino by offering different information, providing filters and comparison tables, and publishing objective content. Thus, we give you the opportunity to research for free, compare casinos and make your decision based on that.

We cannot guarantee that a casino that is very good for us will fit your type of player and your circumstances.

Why trust us?

We work according to transparent editorial guidelines and disclose our testing methods as well as funding. This article may contain links to our partners, but this does not influence our objective view in any way.

🍪
We use cookies. By using this site, you accept them.