{"id":393909,"date":"2024-05-23T00:30:35","date_gmt":"2024-05-22T19:00:35","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=393909"},"modified":"2024-05-22T13:48:55","modified_gmt":"2024-05-22T08:18:55","slug":"can-polygon-matic-climb-17-soon-taking-a-closer-look","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/can-polygon-matic-climb-17-soon-taking-a-closer-look\/","title":{"rendered":"Can Polygon [MATIC] climb 17% soon? Taking a closer look"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">MATIC may be due for a double-digit rally, according to analyst Ali Martinez.<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">However, it might face headwinds in the short term.<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\"><a href=\"http:\/\/ambcrypto.com\/category\/polygon-news\/\" target=\"_blank\" rel=\"noopener\">Polygon [MATIC]<\/a> is due for a 17% price rally if it breaks above its parallel channel, crypto analyst Ali Martinez has noted in a <a href=\"https:\/\/x.com\/ali_charts\/status\/1792981684587208835?s=46\" target=\"_blank\" rel=\"noopener\">post<\/a> on X (formerly Twitter).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Assessing the L2 token\u2019s movements on a 4-hour chart, Martinez found that its price has consolidated within a range since the beginning of April to form the parallel channel pattern.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This pattern is formed when an asset\u2019s price action is confined between two trend lines, indicating a period of consolidation.\u00a0<\/span><\/p>\n<h4><b>MATIC may not be ready<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">At press time, MATIC exchanged hands at $0.72 and trended toward the upper line of its parallel channel.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When an asset rallies toward the upper trendline of a parallel channel, it is interpreted as an attempt to test resistance. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">If that position fails to hold, and a breakout ensues, the asset in question may record new price highs.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, AMBCrypto found that MATIC\u2019s rally above this resistance level may be challenging in the short term. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is because the token\u2019s price trades significantly close to its 20-day Exponential Moving Average (EMA).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When an asset\u2019s price fluctuates around this moving average, it hints at indecision in the market, with neither buyers nor sellers able to establish dominance.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For a break above the resistance to occur, there has to be a surge in buying pressure, which puts the bulls in clear market control.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, with MATIC\u2019s MACD line (blue) gearing to fall below its signal line (orange), bear power might be on the rise.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When an asset\u2019s MACD line attempts to fall below its signal line, it&#8217;s generally interpreted as a bearish signal. It suggests a weakening upward momentum and a shift toward a downtrend.\u00a0<\/span><\/p>\n<figure id=\"attachment_393910\" aria-describedby=\"caption-attachment-393910\" style=\"width: 2368px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/MATICUSDT_2024-05-22_07-16-35.png\"><img decoding=\"async\" class=\"size-full wp-image-393910\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/MATICUSDT_2024-05-22_07-16-35.png\" alt=\"MATIC 4-Hour TradingView\" width=\"2368\" height=\"1342\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/MATICUSDT_2024-05-22_07-16-35.png 2368w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/MATICUSDT_2024-05-22_07-16-35-300x170.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/MATICUSDT_2024-05-22_07-16-35-1024x580.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/MATICUSDT_2024-05-22_07-16-35-768x435.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/MATICUSDT_2024-05-22_07-16-35-1536x870.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/MATICUSDT_2024-05-22_07-16-35-2048x1161.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/MATICUSDT_2024-05-22_07-16-35-1200x680.png 1200w\" sizes=\"(max-width: 2368px) 100vw, 2368px\" \/><\/a><figcaption id=\"caption-attachment-393910\" class=\"wp-caption-text\">Source: MATIC\/USDT on TradingView<\/figcaption><\/figure>\n<h4><b>A good place to buy?<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">MATIC\u2019s Market Value to Realized Value (MVRV) ratio, assessed using a 365-day moving average, has flashed a buy signal.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to <a href=\"https:\/\/app.santiment.net\/charts\/wBfwjjzF__sCl\" target=\"_blank\" rel=\"noopener\">Santiment\u2019s<\/a> data, this metric\u2019s value was -12.58% as of this writing. The metric measures the ratio between MATIC\u2019s current market price and the average price of every token acquired.\u00a0<\/span><\/p>\n<figure id=\"attachment_393911\" aria-describedby=\"caption-attachment-393911\" style=\"width: 2560px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Polygon-on-Ethereum-MATIC-07.17.35-22-May-2024.png\"><img decoding=\"async\" class=\"size-full wp-image-393911\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Polygon-on-Ethereum-MATIC-07.17.35-22-May-2024.png\" alt=\"Polygon MVRV Ratio\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Polygon-on-Ethereum-MATIC-07.17.35-22-May-2024.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Polygon-on-Ethereum-MATIC-07.17.35-22-May-2024-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Polygon-on-Ethereum-MATIC-07.17.35-22-May-2024-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Polygon-on-Ethereum-MATIC-07.17.35-22-May-2024-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Polygon-on-Ethereum-MATIC-07.17.35-22-May-2024-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Polygon-on-Ethereum-MATIC-07.17.35-22-May-2024-2048x693.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Polygon-on-Ethereum-MATIC-07.17.35-22-May-2024-1200x406.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-393911\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\">Read\u00a0<a href=\"http:\/\/ambcrypto.com\/predictions\/matic-network-price-prediction\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Polygon&#8217;s [MATIC] Price Prediction<\/a>\u00a02024-2025<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">When it returns a negative value like this, MATIC is deemed to be undervalued, as its market value is below the average purchase price of all its tokens in circulation.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It is seen as a buy signal because traders see it as an opportunity to buy the token at a discount compared to the historical cost basis.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>MATIC\u2019s negative MVRV ratio presents a good opportunity for traders looking to \u201cbuy the dip.\u201d<\/p>\n","protected":false},"author":64,"featured_media":393918,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[6427],"class_list":["post-393909","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view","tag-ambcrypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Can Polygon [MATIC] climb 17% soon? 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