Altcoins

Polygon (MATIC ) Price Might Hit $1.69 By Weekend! Here’s Why and How

Written by: Delma Wilson

Written by right arrow

Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

  • author facebook
  • author twitter

Apr 13, 2022

news-image

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.

Show More

Was this writing helpful?

dislikeimage No myImage Yes

Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

Related Articles

Back to top button