Crypto currency markets have experienced high volatility in the last 24 hours, and Bitcoin is currently unable to surpass the $71,700 barrier. The recent rally opportunity for altcoins was also quickly retracted. However, the process might differ specifically for MATIC Coin. So, what are the latest predictions?
Polygon (MATIC)
Bitcoin‘s price was at $70,200 at the time of writing and doesn’t seem inclined to rise significantly. While optimism in the general market sentiment begins to wane, MATIC Coin’s price could diverge positively during this process. Investor behaviors are starting to change, and historically, MATIC Coin has remained sensitive to these shifts in sentiment.
Transfers from investors’ addresses to exchange addresses have decreased for MATIC. This data confirms a reduction in investors’ appetite for selling and concerns about a downturn. Santiment’s active deposit data supports the possibility of a price increase.
MVRV data strengthens the bullish scenario. The Market Value to Realized Value (MVRV) ratio offers insight into the current profitability of investors. MATIC Coin’s 30-day MVRV is at -5.9%, a level historically associated with the initiation of accumulation trends. In the past, MVRV dipping between -4% and -14% has accelerated accumulation. In summary, MATIC Coin appears to be at an opportunistic level with its current price.
If things go as expected and MATIC Coin diverges positively, it should change direction upwards after a prolonged weakness. However, the potential for MVRV to drop further and the inability of BTC to break the $71,700 resistance could trigger a general market downturn.
MATIC Coin Price Prediction
At the time of writing, MATIC Coin’s price is at $0.93. The popular altcoin has been trapped in a downtrend for about a month. If the altcoin manages to close above the downtrend and the expected accumulation phase generates rapid demand, we could see the main resistance level of $0.97 being targeted.
Following this movement, MATIC Coin’s price will aim to reclaim the $1.00 mark and target the $1.02 resistance. However, if the support level of $0.92 is breached, the bullish predictions may not materialize. In this scenario, there is a risk of the price retreating to $0.81. Of course, tomorrow’s US inflation data and Bitcoin’s status will be major triggers in this narrative.
