MATIC price is signaling a buying opportunity provided Bitcoin price falls below $29,000.

MATIC price is signaling a buying opportunity provided Bitcoin price falls below $29,000.

MATIC price indicators show that the altcoin has cooled from the 17% rally of July 13.

The MVRV ratio also dipped below the neutral line, and falling further could suggest a bounce back in price is likely.

The altcoin, however, shares a negative correlation with Bitcoin, which means that a short-term rise is possible even if BTC declines.

MATIC price recovery was in line with the rest of the market when the cryptocurrency posted over 40% gains in a month from mid-June. In the following days, red candlesticks took over the price action, erasing a significant chunk of the gains registered by the altcoin. Investors, however, might be able to spin this into a positive situation as accumulation at these price levels could lead to profits.

MATIC price hints at potential gains

MATIC price lost the support of the 50-day Exponential Moving Average (EMA), a key level bringing the market value of the altcoin to $0.708. At the time of writing, the Polygon token is down by 17% in the last 11 days, resulting in the price indicators flipping from bullish to bearish. However, they also hinted at what is to come.

MATIC/USD 1-day chart

The Relative Strength Index (RSI) slipped below the neutral line at 50.0 after almost three weeks, which suggests a change in trend. But since it isn’t too far below, a flip of the neutral line into a support level would likely lead to the price bouncing back.

Similarly, the Moving Average Convergence Divergence (MACD) indicator also noted a bearish crossover in the last two days. This resulted in the histogram observing red bars, which suggests that the altcoin is now open to a change in momentum from bearish to bullish, provided the MACD line (blue) does not fall below the zero line.