Today the cryptocurrency market is flashing a mixed signal of red and green where most of the cryptocurrencies are trading in green. The world’s largest cryptocurrency by market cap, Bitcoin has gained a $40,000 level along with Ethereum trading back to the $3,000 level, leading the altcoins rally.
MATIC Price To See 20% Rally
Yesterday, on April 12th, Polygon (MATIC) got listed on the Robinhood platform along with Shiba Inu, Solana, and Compound. This has led to a slight bull rally for all these four altcoins.
Even from a technical point of view MATIC price is in a position for an upswing. Between February 24 and March 2 MATIC price rallied 36% from $1.24 to $1.69 range. The way MATIC is headed now, it looks like the currency will follow the March 2nd rally.
However, after MATIC had a bull rally in late March and early April, MATIC price crashed by approximately 23%. The present liquidity accumulation indicates further plunge is not happening. Hence, investors can expect the MATIC price to trade between the recent support level at $1.32 and the mid-range at $1.47. On the flip side, if Polygon (MATIC) decides to drop, the price may trade between $1.32 and $1.24.
Nevertheless, a breakout from this consolidation will push MATIC’s price to revisit the $1.69 level.
On-Chain Data Hints Uptrend Soon!
The 30-day Market Value to Realize Value (MVRV), the on-chain metric is one that is supporting Polygon (MATIC) uptrend. The MVRV on-chain metric is used to decide the average profit/loss of investors who have purchased MATIC in a year or month.
The six-month history suggests that local bottoms are formed at around -15%. As MVRV has already visited this level, a reversal from this point is more likely to occur in the coming days.
At the time of reporting, Polygon (MATIC) is changing hands at $1.43 with a surge of 4.54% over the last 24hrs. Hence, if MATIC’s six-hour candlestick closes below $1.24, there might be a lower low.
Was this writing helpful?