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How Polygon (MATIC) Bulls Hesitated to Give the Price a Hand

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Unlike many altcoins, Polygon (MATIC) struggles to keep up with its recently-found uptrend. MATIC tested $0.55 in the early periods of July 16.

Later, the cryptocurrency’s value fell. Trading at $0.52 at press time, the price has affected the position of Polygon holders.

Polygon Uptrend Stumbles, Holders Back in Losses After Brief Relief

Last week, MATIC dropped to $0.48 following a long period that saw the price plunge from its highs in March.

The consequence of this underwhelming price action is indicated by the Global In/Out of Money (GIOM). The GIOM classifies addresses based on those profiting from the current price action, those losing money, and those at the breakeven point.

Addresses in profits mean they purchased the token at a lower value than the current price. However, the addresses losing money accumulated at a higher price. Taking it back to July 9, there was no holder on the Polygon network in profits.

Read More: How To Buy Polygon (MATIC) and Everything You Need To Know

Polygon holders profitability
Polygon GIOM. Source: IntoTheBlock

However, the brief price increase ensures only those who bought the token between $0.0032 and $0.52, representing 5% of the total MATIC holders, are now making money at the current price.

Another metric that indicates this position is the Market Value to Realized Value (MVRV) ratio. This ratio is an on-chain indicator that offers insights into investor behavior. Generally,  high values indicate a large degree of unrealized profits.

It also increases the chances of investors’ willingness to distribute their holdings. However, a low ratio suggests poor demand dynamics. The more the ratio decreases, the lesser the motive to sell.

Polygon’s price increase on July 15 improved profitability, as the 30-day MVRV ratio rose to 1.87%. However, the retracement has forced the ratio back to 2.05% at press time. 

Polygon (MATIC) profits decline
Polygon MVRV Ratio. Source: Santiment

This short-lived hike is evidence that MATIC holders are willing to sell at any chance to break even. If this continues, the cryptocurrency’s value may drop to $0.50.

MATIC Price Prediction: Risk of Falling Below $0.50

According to the daily chart, MATIC tested the key support of $0.47 on July 5, and this was instrumental to the extended formation to $0.54 seven days later.

However, the token finds it challenging to reach $0.57 due to a lack of substantial liquidity, as indicated by the Money Flow Index (MFI). The MFI reveals the flow of money in and out of a cryptocurrency. 

If it increases, it means there is enough capital deployed to push prices higher. However, a decrease in the MFI indicates otherwise. 

From the chart below, the indicator has been unable to cross over the neutral line, indicating that bulls have lowered their commitment to driving the Polygon native token higher.

Read More: Polygon (MATIC) Price Prediction 2024/2025/2030

Polygon bearish price analysis
Polygon Daily Analysis. Source: TradingView

If this remains the case, MATIC’s price may slip below $0.50, possibly declining to $0.47 again in the process.

Given the token’s market structure, the next move could be range-bound between $0.47 and $0.50. However, a close above $0.53 may invalidate this prediction.

Should liquidity into the token increase, MATIC could rebound, possibly leading to a breakout toward $0.64.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Ethereum Price Recovery Stalls—Bears Keep Price Below $2K

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Ethereum price attempted a recovery wave above the $1,880 level but failed. ETH is now trimming all gains and remains below the $1,880 resistance zone.

  • Ethereum failed to stay above the $1,850 and $1,880 levels.
  • The price is trading below $1,850 and the 100-hourly Simple Moving Average.
  • There was a break below a key bullish trend line with support at $1,865 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must clear the $1,865 and $1,890 resistance levels to start a decent increase.

Ethereum Price Fails Again

Ethereum price managed to stay above the $1,800 support zone and started a recovery wave, like Bitcoin. ETH was able to climb above the $1,850 and $1,880 resistance levels.

The bulls even pushed the price above the $1,920 resistance zone. However, the bears are active near the $1,950 zone. A high was formed at $1,955 and the price trimmed most gains. There was a break below a key bullish trend line with support at $1,865 on the hourly chart of ETH/USD.

A low was formed at $1,781 and the price is now consolidating near the 23.6% Fib retracement level of the downward move from the $1,955 swing high to the $1,781 low.

Ethereum price is now trading below $1,850 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $1,850 level. The next key resistance is near the $1,865 level and the 50% Fib retracement level of the downward move from the $1,955 swing high to the $1,781 low.

Ethereum Price
Source: ETHUSD on TradingView.com

The first major resistance is near the $1,920 level. A clear move above the $1,920 resistance might send the price toward the $1,950 resistance. An upside break above the $1,950 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,000 resistance zone or even $2,050 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $1,865 resistance, it could start another decline. Initial support on the downside is near the $1,800 level. The first major support sits near the $1,780 zone.

A clear move below the $1,780 support might push the price toward the $1,720 support. Any more losses might send the price toward the $1,680 support level in the near term. The next key support sits at $1,620.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 zone.

Major Support Level – $1,780

Major Resistance Level – $1,865



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Cardano (ADA) Downtrend Deepens—Is a Rebound Possible?

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Cardano price started a recovery wave above the $0.680 zone but failed. ADA is consolidating near $0.650 and remains at risk of more losses.

  • ADA price failed to recover above the $0.70 resistance zone.
  • The price is trading below $0.680 and the 100-hourly simple moving average.
  • There was a break below a connecting bullish trend line with support at $0.6720 on the hourly chart of the ADA/USD pair (data source from Kraken).
  • The pair could start another increase if it clears the $0.70 resistance zone.

Cardano Price Dips Again

In the past few days, Cardano saw a recovery wave from the $0.6350 zone, like Bitcoin and Ethereum. ADA was able to climb above the $0.680 and $0.6880 resistance levels.

However, the bears were active above the $0.70 zone. A high was formed at $0.7090 and the price corrected most gains. There was a move below the $0.650 level. Besides, there was a break below a connecting bullish trend line with support at $0.6720 on the hourly chart of the ADA/USD pair.

A low was formed at $0.6356 and the price is now consolidating losses near the 23.6% Fib retracement level of the recent decline from the $0.7090 swing high to the $0.6356 low. Cardano price is now trading below $0.680 and the 100-hourly simple moving average.

On the upside, the price might face resistance near the $0.6720 zone or the 50% Fib retracement level of the recent decline from the $0.7090 swing high to the $0.6356 low. The first resistance is near $0.6950. The next key resistance might be $0.700.

Cardano Price

If there is a close above the $0.70 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.7420 region. Any more gains might call for a move toward $0.7650 in the near term.

Another Drop in ADA?

If Cardano’s price fails to climb above the $0.6720 resistance level, it could start another decline. Immediate support on the downside is near the $0.6420 level.

The next major support is near the $0.6350 level. A downside break below the $0.6350 level could open the doors for a test of $0.620. The next major support is near the $0.60 level where the bulls might emerge.

Technical Indicators

Hourly MACD – The MACD for ADA/USD is losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.

Major Support Levels – $0.6420 and $0.6350.

Major Resistance Levels – $0.6720 and $0.7000.



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XRP Price Under Pressure—New Lows Signal More Trouble Ahead

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Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.



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