MATIC Nosedives Close To Bottom, How Long Can Investors Hold Out?
MATIC is on the verge of hitting its local bottom of $1.21, as the market has lost three days in a row. In fact, it was only 11.4% away from the aforementioned level at the time of publication. On Tuesday, the price of Polygon (MATIC) moves in a narrow range. Since February 16, MATIC has been on a steady downward trend, with a 35 percent drop. The creation of a triple bottom near $1.40 signals that the present trend will be reversed. MATIC Falls Close To Bottom MATIC/USD is now trading at $1.42, down 0.31% on the day. The 16th most valuable cryptocurrency by market capitalization had a....
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The price of Polygon (MATIC) has struggled to stay above the key support zone of $0.8 as the price of Bitcoin (BTC) showed indecision for weeks as the price moved in a range for weeks between $19,500-$20,000 with the price stalling on the next movement. This has affected the price of altcoins, including Polygon (MATIC), as prices dropped below $0.8 but reclaimed that region quickly. (Data from Binance) Related Reading: Why Ethereum Price Longs Might Profit Ahead Of “The Merge” Polygon (MATIC) Price Analysis On The Weekly Chart The price of MATIC has had a difficult time replicating its....
The price of Polygon (MATIC) has shown great strength in the past few weeks against Tether as it maintained its bullish sentiment. Despite the retracement across the crypto market, Polygon has shown great strength holding above $0.75 compared to other crypto assets that have lost their key support. (Data from Binance) Related Reading: Majority Of Ethereum Investors Maintain Profitability Despite Decline Below $1,700 Polygon (MATIC) Price Analysis On The Weekly Chart From the chart, the price of MATIC saw its weekly low at $0.75; the price of MATIC bounced from that region to a price of $1....
MATIC price could sustain bullish momentum on cues from a mix of optimistic fundamental and technical indicators. A sharp rebound in the Polygon (MATIC) market in the last four months has increased its price by 200% when measured from its June 2022 bottom of $0.31. And now, the token is showing signs of undergoing another major market rally.MATIC exchange balance hits nine-month lowNotably, the MATIC supply held by all crypto exchanges fell to 802.15 million on Oct. 26, its lowest level since January 2022. The plunge came as a part of a broader downtrend that has witnessed over 600 million....
Some high-profile investors have taken the recent market downturn as an opportunity to add to their crypto positions, though others warn there’s still a risk of worse to come. Some of the highest-profile investors in crypto believe that a crypto market bottom is fast approaching and the timing is right to buy — although one still warns of catastrophic outcomes should prices fall below established support levels. Billionaire Mike Novogratz, the founder, chairman and CEO of digital asset merchant bank Galaxy Digital Holdings told a Morgan Stanley conference on June 13 that cryptocurrencies....
On-chain data shows the Bitcoin 30-day long-term holder SOPR hasn’t yet reached the historical bottom level during the current cycle. Bitcoin 30-Day Long-Term Holder SOPR Has Declined Recently As pointed out by an analyst in a CryptoQuant post, the long-term holders haven’t attained their maximum pressure point yet. The “Spent Output Profit Ratio” (or SOPR in short) is an indicator tells us whether the average Bitcoin investor is selling at a profit or at a loss right now. When the value of this metric is less than 1, it means the overall market is realizing some....