Polygon's MATIC token is trying to rebound from a period in which most holders made losses.
The MVRV indicator reveals that the token is in a definite bear market and needs a 13% increase to recover.
Following the recent market correction, MATIC's value fell to a low of $0.43 not seen since July 2022.
Polygon MATIC was severely impacted by the recent market correction, falling as low as $0.43 as of July 5th. This decline took the token back to bear market levels in July 2022. Unlike the general market trend, MATIC's decline appears to be more isolated, highlighting specific challenges for the token.
According to IntoTheBlock, 97% of MATIC's active addresses currently hold the token at a loss. Only 3% of addresses are at breakeven, indicating that MATIC's recent performance has caused most investors to lose money.
MATIC had a positive performance in March, reaching a yearly high of $1.27, but has been in a steady downtrend since then.
Currently, MATIC has climbed slightly to $0.46 but is facing significant resistance at $0.49. Data shows that 550 addresses purchased 20.47 million MATIC in this price zone, creating a significant sell wall. Therefore, it is thought that if the token approaches this barrier, selling pressure may increase and the price may fall back to $0.43.
On the other hand, if buying pressure strengthens, MATIC could break through this resistance and possibly retest $0.51, but current market sentiment makes this scenario less likely to occur.
Market Value to Realized Value (MVRV) Long/Short Spread analysis by COINOTAG confirms the bear market status of MATIC. With a -13.75% MVRV Long/Short Spread, it is clear that MATIC is bound for a bear market period. The token requires a 13% price increase to leave this status. If this increase occurs, MATIC has the potential to revisit previous highs. However, if it fails to achieve this increase, the token could fall further, potentially dropping to $0.40.
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