Ever since mid-July, Polygon (MATIC) has been trading in a range between $0.72 and $1.03 with the mid-range value lying at $0.88. A sweep of ragne lows then provided a positive reaction, setting the next target for the crypto at $1.05.
MATIC Network / Tether US 1D (Source: CoinMarketCap)
This target could now be within reach for MATIC as the crypto was able to surge to the bearish order block at $0.93. The bulls were strong enough to push past this block to emphasise their bullish intent.
MATIC MVRV Ratio 30d (Source: Santiment)
Data from Santiment indicates that the 30-day MVRV for MATIC has been unable to climb past 14% since August of this year. Over the last few days, the MVRV was, however, able to climb to as high as 13.5% before once again falling back.
It seems that as the MVRV climbs, more and more people could be tempted to sell MATIC to then make a profit. This could slow down or completely halt rallies for the altcoin.
Although this metric does not indicate a reversal in trend, it could suggest that the token is not being moved to exchanges in large amounts. If anything, it signals a wave of selling around the corner.
According to CoinMarketCap, MATIC is currently trading at $0.9522 after a 5.54% increase in price over the last 24 hours. In addition to the altcoin being in the green for the day so far, MATIC is up by more than 15% over the last week.
MATIC’s 24 hour trading volume, on the other hand, is in the red by over 21% to now stand at $383,437,527.
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Source: Cryptocurrency - investing.com
