Analysts believe now is the best time to buy the dip in Polygon (MATIC)

Polygon’s MATIC has positioned itself as one of the most promising cryptos. While these sentiments are likely to change over time due to volatility, it is right to assume that MATIC’s dip is a hot currency right now. Analysts believe that this is the right time to buy Polygon. Ali Charts, for one, has highlighted that 30-day, 365-day, and MVRV Z-Score Ratios are all in negatives. Hence, the reference.

For reference, MATIC is listed at $0.7541 while the article is being drafted. That is a jump of 3.36% in the last 24 hours and 7.90% in the last 7 days. There is also an increase in the Market Cap and the 24-hour volume by 3.42% and 11.51%, respectively.

Buying a dip is a common practice in the crypto sphere. Traders, especially whales, are known to begin accumulating the tokens that have the potential for the future but are rallying at a lower value. This allows them to later share a portion of the holdings and take profits home, keeping the rest for scenarios where the token may cause a higher increase.

Analysts have simultaneously hinted that Bitcoin may be beginning to consolidate as altcoins catch fire, which is beginning to catch up to the rise in value. Bitcoin is, yet again, likely to come out strong only in the second or the beginning of the third quarter of this year. BTC is currently exchanging hands at $66,385.78, with a jump of 0.41% in the last 24 hours. That said, MATIC price prediction continues to pose an estimated figure of $1.31 for Polygon by the end of this year. It could alternatively end the year at $0.72.

As for altcoins, Ether will likely be the first to respond to any rise in value in BTC. Despite no confirmation about Ether ETF, the community is optimistic that a surge will eventually land in their portfolios, provided Ethereum registers a resistance at $3,880.

Polygon’s MATIC is moving forward at a decent pace. The current rate is 3.53%, based on a 24-hour limit. Hitting the milestone of $1 could become a reality by the middle or end of this year. Buying a dip, meanwhile, remains a personal choice and is subject to one’s research and risk assessment.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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