Polygon’s token, MATIC, faces a significant challenge at the $0.73 level, as high liquidity could prevent further price appreciation in the short term. The liquidation heatmap indicated a strong resistance zone at this level, with open positions valued at $235,280 at risk of being wiped out. Despite signs of seller exhaustion, surpassing $0.73 may prove challenging for bulls, according to data analyzed from Coinglass.
In the event that MATIC manages to break through the $0.73 resistance, the token’s next target could be around $0.85. However, the Market Value to Realized Value ratio suggests that most holders will incur losses if they sell at the current price, indicating a possible rebound for MATIC. The on-chain perspective points towards an undervalued state for MATIC, with historical data showing a bounce when the token hits this region. If buying pressure emerges, the price could potentially surpass $0.70 in the short term.
From a technical standpoint, the Relative Strength Index (RSI) suggests a bearish momentum for MATIC, with the price expected to swing sideways between $0.62 and $0.67 in the short term. Bulls have formed support at $0.67, which may prevent the token from dropping below that level. The Awesome Oscillator (AO) flashing green histogram bars indicates a potential weakening of the downward momentum, with a possible target of $0.71 based on Fibonacci levels.