2024

April

Polygon

Coin

Over the past seven weeks, the <a href="https://coingape.com/price/polygon/" rel="noopener noreferrer nofollow">Polygon coin price</a> has witnessed a steady downtrend under the influence of a falling wedge. The two downsloping trendlines of this pattern acted as dynamic resistance and support, leading the MATIC price from $1.29 to $0.588, registering a 54.3% loss. However, the downward momentum stalled at $0.625 support signals the potential for bottom formation amid the Bitcoin halving.
Also Read: <a href="https://coingape.com/markets/polygon-price-fall-to-22-month-support-best-dip-of-2024/" rel="noopener noreferrer nofollow">Polygon Price Fall to 22-Month Support Hints Best Dip Opportunity of 2024</a> 
<h2 id="b-matic-s-negative-mvrv-z-score-hints-at-undervaluation-b">MATIC’s Negative MVRV Z-Score Hints at Undervaluation</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/e/ED9F7mGH.png" alt="BINANCE:MATICUSDT Chart " width="1946" height="893">
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 Polygon Coin| Tradingview
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For nearly two weeks, the polygon coin price has been consolidating in a narrow range between $0.772 and $0.588 horizontal level. This lateral movement indicates the positive sentiment around <a href="https://coingape.com/blog/2-bitcoin-spot-etfs-to-buy-after-btc-halving-in-2024/" rel="noopener noreferrer nofollow">Bitcoin halving</a> has stalled downward pressure but still lacks sufficient momentum to lead high recovery.
<blockquote>
 By the press time, the <a href="https://coingape.com/ernst-young-adopts-polygon-pos-for-contract-management-service/" rel="noopener noreferrer nofollow">MATIC price</a> trades at $0.72, with an intraday loss of 1.22%. The long-wick rejection at the overhead trendline indicates the asset is poised to retest the lower support signaling the continuation of the sideways trend.
</blockquote>
However, an analysis of broader trends indicates the polygon price is wavering above the support trendline of a 2-year-long symmetrical triangle pattern. If the pattern holds true, the altcoin is at a significant bottom which should trigger a new recovery cycle to hit the triangle’s upper boundary.&nbsp;
Moreover, in a recent analysis shared by the prominent trader @alicharts, key indicators suggest a potential buying opportunity for Polygon’s native token, MATIC. The tweet highlights that the 30-day, 365-day, and Market Value to Realized Value (MVRV) Z-Score Ratios are all trending in the negative domain.&nbsp;
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 The 30-day, 365-day, and MVRV Z-Score Ratios for <a href="https://twitter.com/hashtag/Polygon?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Polygon</a> are all in the negative, indicating that now might be the perfect time to buy into the <a href="https://twitter.com/search?q=%24MATIC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$MATIC</a> dip! <a href="https://t.co/rhXNOyCsDe" rel="noopener noreferrer nofollow">pic.twitter.com/rhXNOyCsDe</a>
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1782861499993641015?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 23, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
This confluence of indicators is often interpreted by traders as a signal that an asset is undervalued and could be poised for a rebound, marking what could be an optimal entry point for investors.
Thus, The MATIC is well-posited for a bullish reversal setting a potential target to $1.22.
<h2 id="b-technical-indicator-b">Technical Indicator</h2>
<ul>
 <li style="font-weight: 400;" aria-level="1">Relative Strength Index: The daily <a href="https://coingape.com/glossary/rsi-relative-strength-index/" rel="noopener noreferrer nofollow">RSI</a> slope rebounded from the oversold region highlights the buyers are accumulating this asset at a discounted price.</li>
 <li style="font-weight: 400;" aria-level="1">BB indicator: The downtick in the lower boundary of the Bollinger Band indicator highlights the price is yet to give a better signal for reversal.</li>
</ul>
The post <a href="https://coingape.com/markets/should-buy-polygon-coin-at-0-6-on-chain-metric-oversold/" rel="noopener noreferrer nofollow">Should You Buy Polygon Coin at $0.6 Dip? On-Chain Metric Points to Oversold Asset</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Should You Buy Polygon Coin at $0.6 Dip? On-Chain Metric Points to Oversold Asset

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