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Bitcoin and the market’s volatile price movements have shifted attention to high-volume altcoins. Developments continue in Polygon’s native token MATIC, with many investors incurring losses.
Current Status of MATIC
Polygon‘s native token MATIC has drawn attention after hitting a nine-month low. This price drop has raised significant questions among investors and market followers.
Despite the prevailing bearish sentiment in the market and MATIC, the Moving Average Convergence Divergence (MACD) indicates potential future price movements for MATIC.
At the time of writing, the MACD line was just below the signal line, suggesting a potential decline. However, the proximity of these lines also suggests a possible upward movement.
Additionally, MATIC’s price is below both the 50 and 200-period moving averages, indicating a short-term bearish trend.
Future of MATIC
An important indicator for MATIC is that 92.91% of its existing addresses are “out of the money.” This means their value is below the transaction price.
There has been an increase in MATIC’s exchange inflows, which could lead to selling pressure.
Market data also shows some stability in outflows, indicating that selling pressure has not significantly increased.
NVT ratio shows activity, with a downward trend in the charts. This could be linked to an increase in transaction volume or a decline in network value. A potential rise in transaction volume could trigger a price increase.
