MATIC Crypto Faces Possible Devaluation Despite Recent Surge
The Essentials in Brief
The cryptocurrency MATIC may be in danger of falling below the $1 price. Despite a recent rise above the $1 mark, the sentiment around MATIC has turned negative in recent days and some market indicators have become bearish.
What’s going on with MATIC?
MATIC has recorded a value increase of more than 10% in the last seven days, with the price reaching the $1 mark and raising hopes of a bull rally. According to CoinMarketCap, MATIC was at $1.10 at the time of reporting, with a market capitalization of over $10.9 billion, making it the 15th largest cryptocurrency. Although MATIC was trading above $1, its social metrics indicated that the bearish sentiment around the token has increased. This was evidenced by the decline in weighted sentiment, suggesting that investors are expecting a price correction.
Price correction or further uptrend?
As the bearish sentiment around the token has risen, AMBCrypto has checked the data from Santiment to better understand what to expect. Our analysis revealed that the token’s MVRV ratio has fallen in the last week. Its network growth has also decreased in recent days, meaning fewer addresses have been created to transfer the token. Our analysis found that the price has touched the upper limit of the Bollinger Bands. This suggests that selling pressure on the token could increase, which could lead to a decrease in its value in the coming days.
Our Assessment
Despite the bearish indicators, there are also positive signals. The MACD was in favour of the buyers as it showed a bullish crossover. In addition, the Chaikin Money Flow (CMF) also recorded an upward trend, suggesting that a northward price movement cannot be ruled out. It remains to be seen whether MATIC can hold its current price or whether a price correction is imminent. As always, it is important that you do your own research and make an informed decision.
Sources: CoinMarketCap, Santiment, TradingView, Dipayan Mitra, Saman Waris.
| Symbol | MATIC |
| Coin type | Alt Coin |
| Transaction Speed | High |
| Pros |
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| Cons |
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| Price | $0.46 |
| 24h % | -2.09 % |
| 7d % | -23.65 % |
| 30d % | 6.01 % |
| 60d % | 25.02 % |
| Official Links | Website |
| Socials | Reddit | X |
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