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MATIC whales depleted exchange balances to 1.2%

Cryptopolitan


TL;DR Breakdown

  • MATIC surged by 230% at the start of June
  • Formation of a cup-with-handle base pattern
  • Mark Cuban is still pushing MATIC with his pro-Polygon campaign. 

MATIC Price Prediction: General price overview

Polygon recovered from the 75%  May plummet after rebounding by 230%. This was an astronomical ascent that saw the coin retest levels near the $2 all-time high. The rally, however came to a halt and the price corrected around $1.7 and $1.9. Despite a relatively unstable cryptocurrency market, some technical indicators across Polygon’s pattern indicate positive signals. These technicals include forming a cup-with-handle base within a bullish relative strength index and a price structure characterized by lots of buying pressure. 

There is a substantial accumulation of buying pressure on the sideway trend of MATIC’s price, which suggests an upcoming upward correction that has already cleared all weak holders. A light volume channel has also formed within the cup handle, which has the bulls targeting a price level of $2.48.  Indecision will have fully settled once the handle completes the pattern, which will only take a few days. 

Furthermore, there are signs of depleting balances for MATIC across exchanges, with only 1.2% of all supply in circulation at the moment. This indicates whales are accumulating the coins as they prepare for the next bullish trendline. The whales must have bought into the dip below $1.5 in wait for the next target above $2.0. 

MATIC price movement in the last 24 hours

On today’s daily chart, MATIC has traded in the range of a $1.75 intraday low and $1.84 intraday high.The coin jumped 0.78% within the last 24 hours, and the technicals show positive signals of a strong buying pressure. The coin’s first major resistance level sits at $1.94, and the second resistance level sits at $2.23. A descending channel formed on the 1-hour chart at $1.81 and ended at the bottom of $1.78. 

Source: Tradeview

MATIC 4-hour price chart

There is a bullish continuation on the tip of the 1-hour ascending channeling, which suggests the coin could be on its way to $1.84 and points above support at $1.80. At the time of writing, MATIC is trading at $1.81 – indications of buyers are raising hopes of beating resistance at $1.94, which would further consolidate to the all-time high of $2.24. Failure of which the bears might suppress the trendline and lead to a reversal below $1.5. 

MATIC Price Prediction: MATIC whales depleted exchange balances to 1.2% 2
Source: Tradeview

Conclusion: MATIC whales preparing for new rally

Mark Cuban is still pushing MATIC with his pro-Polygon campaign, in which he hopes to raise as much support for the ethereum scaling solution as possible. Depleting balances of the coin across exchanges is another bullish sign that shows the big investors are holding in preparation for another rally. For now, let’s just watch the technicals and identify any potential signals for a bullish outbreak.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.



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