2024-4-24 20:00 |
Polygon (MATIC) is among the few altcoins observing quick recovery supported by its investors.
The altcoin could soon be on the path to reclaiming the profits lost during the early April correction.
Polygon Investors Are OptimisticMATIC price is climbing on the daily chart, and Polygon investors note the potential for this recovery. They are acting accordingly, with the network noting minimal selling in the last few days.
This sentiment is being extended at the time of writing as well. Upon categorizing active addresses by profitability, it can be noted that investors in profit only represent 6% of the total. This means that those noting gains are not opting to sell, making HODLing the dominant sentiment.
MATIC Active Addresses by Profitability. Source: IntoTheBlockThis is crucial in supporting recovery since selling would only hamper the potential rise in price.
Read More: How To Buy Polygon (MATIC) and Everything You Need To Know
Further bolstering recovery are traders in the Futures market. These investors are making bullish bets against MATIC prices, which exhibit optimism and confidence. This is evident from the funding rate, which has been negative for the past few days.
The funding rate represents the fee between long and short-future contract holders to maintain price equilibrium. Usually, the negative rate represents the dominance of short contracts, while the positive rate shows long contracts taking precedence.
MATIC Funding Rate. Source: CoinglassGiven that the MATIC funding rate is recovering from negative to increasingly positive, it is a sign that the altcoin could witness growth soon.
MATIC Price Prediction: This Bounce Is NecessaryAt $0.72 at the time of writing, MATIC’s price is just above the crucial support of $0.72. This level has been successfully tested as support multiple times in the past and has generally been followed by a rise.
Thus, once this level is cemented as support, MATIC’s price might attempt to rise to $0.81. Breaching it could recover nearly half the losses witnessed at the beginning of this month.
MATIC/USDT 1-day chart. Source: TradingViewRead More: Polygon (MATIC) Price Prediction 2024/2025/2030
However, if $0.72 is lost as support, MATIC’s price could trickle down to $0.65, which could invalidate the bullish thesis, resulting in a potential drawdown to $0.60 or lower.
The post Polygon (MATIC) Price on the Rise: Investors Fuel Swift Comeback appeared first on BeInCrypto.
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