On-chain data indicators suggest a potential accumulation phase for Polygon’s MATIC, with the Market Value Relative to Realized Value (MVRV) ratio at -14.75%.
Trading above the $0.88 support level and the 100-day Exponential Moving Average (EMA), there’s potential for a rebound to retest the $0.92 resistance, and beyond.
MATIC, the native cryptocurrency of the Polygon blockchain network has been struggling to hold its position above $1. The altcoin has faced a significant pullback from its high of $1.26 in mid-March. As of press time, the MATIC price is trading 1.5% up at a price of $0.9211 with a market cap of $9.1 billion.
On-chain data indicators suggest that this would be a good time to accumulate Polygon (MATIC) while expecting a potential uptrend from here onwards.
The Market Value Relative to Realized Value (MVRV) ratio also indicates investor sentiment. Currently, Polygon’s 30-day MVRV stands at -14.75%, suggesting losses, which could lead to accumulation. Historically,
