Polygon [MATIC] is currently facing a key resistance level at $0.73, as indicated by a high level of liquidity around this price point, according to data from Coinglass. The liquidation heatmap shows that open positions valued at $235,280 could be wiped out if the token surpasses $0.73. This resistance level could prevent further appreciation in the short term, even though signs of seller exhaustion have been observed.
Despite the challenges posed by the $0.73 resistance level, if bulls manage to clear this hurdle, the token’s next target could be around $0.85. The Market Value to Realized Value (MVRV) ratio suggests that MATIC may be undervalued, with a possible rebound in price anticipated. While the Relative Strength Index (RSI) currently indicates a bearish momentum, the Awesome Oscillator (AO) suggests that the downward momentum could be nullified, potentially leading the price towards the $0.71 level where the 0.236 Fibonacci level is positioned. Overall, the technical analysis and on-chain data point towards potential price swings and a possible breakout if buying pressure prevails.
