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Polygon price has been declining for the past one and a half months and now, according to many analyses, it may start to rise. Changing market conditions and renewed demand for MATIC could help the rise. Considering that the MATIC price has already fallen into the oversold zone, it plans to make a comeback as the bearish trend diminishes.
What is Happening on the Polygon Front?
The Relative Strength Index (RSI) currently shows that the altcoin is oversold, indicating a potential trend reversal in the near future. The RSI, a momentum oscillator that measures the speed and change of price movements, has slipped into the oversold zone. This usually means that the asset has been sold very aggressively and it might be time for a recovery. Investors and analysts often see such RSI levels as a signal for potential buying opportunities and predict that the bearish trend will reverse as selling pressure decreases.
Additionally, market data reveals a notable statistic regarding MATIC hold addresses. Currently, less than 8% of all MATIC hold addresses are in a profitable position, which could significantly affect market behavior. The fact that the vast majority of asset holders are at a loss or have not yet made a profit may deter them from selling. Investors are less likely to sell at a loss, which could potentially stabilize the price and even create upward pressure as buyers perceive current price levels as attractive.
With fewer shareholders wanting to make a profit or reduce losses, there may be less incentive for widespread selling. This event usually results in the asset’s price stabilizing or, in some cases, gradually recovering if buying interest increases.
MATIC Chart Analysis
MATIC price is currently at the $0.50 level on the three-day chart. The macro outlook is consistent with the aforementioned bullish potential. The altcoin, rising from $0.49, aims to surpass $0.60, the next major hurdle in the recovery. If this happens, the altcoin will be open to reconsolidation between $0.75 and $0.64.
On the other hand, a failed breach could keep the price in the $0.53 to $0.64 range and minimize investors’ profit opportunities. This process could invalidate the bullish thesis and keep the MATIC price low until stronger bullish signals emerge.
