Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different kinds of recommendation and is solely the author’s opinion
- MATIC breached a key Q1 2023 assist zone of $0.9172 – $0.9498.
- Month-to-month holders suffered over 10% loss.
The macroeconomic headwinds proceed to hammer crypto markets laborious. However the depth appears overwhelming for Polygon [MATIC] after it dropped to January ranges, clearing most Q1 2023 beneficial properties.
At press time, MATIC traded at $0.8582, manner beneath its Q1 2023 threshold assist zone of $0.9172 – $0.9498. Equally, Bitcoin [BTC] was firmly beneath $27.5k, on the time of writing, which may exert extra downward strain on decrease timeframe efficiency.
How a lot are 1,10,100 MATICs price right this moment?
All the way down to January ranges – Will bulls come by means of?
Supply: MATIC/USDT on TradingView
On the 4-hour chart, the RSI was within the oversold zone with a worth of 24 at press time – a particularly bearish place. However OBV fluctuated prior to now two weeks, undermining a powerful restoration.
The breach of the assist zone (cyan) made sellers aggressively sink MATIC beneath $0.8712. Sellers may proceed decelerating MATIC to decrease assist ranges at $0.8140 or $0.7514 if the bearish sentiment persists within the coming hours/days.
Alternatively, MATIC may try to rally and shut above the assist zone, particularly if BTC reclaims $28k and surges. However the rally may stall close to the current excessive of $1.000 on 4 Might.
Month-to-month holders in pink
Supply: Santiment
Is your portfolio inexperienced? Test MATIC Revenue Calculator
MATIC’s 30-day MVRV (Market Worth to Realized Worth), which measures holders’ short-term revenue/loss, is at -13% deep. It signifies MATIC month-to-month holders had been at a loss, and the altcoin was undervalued.
As well as, sentiment has remained detrimental since mid-April, underscoring bears’ higher hand. As well as, the funding price was detrimental at press time – additional tipping the dimensions in favor of sellers.
Nonetheless, if BTC reverses current losses, it’s going to pull MATIC and supply bulls reprieve.
Supply: Santiment
