SNEAK PEEK
- A large self-custody address transferred 60 million tokens.
- The network’s exchange supply increased to 7.92%.
- Whale still owns $3.78 billion in MATIC.
Recently, one of the most substantial self-custody Polygon addresses made an eye-catching transfer. According to Santiment, 60 million tokens were moved to a cryptocurrency exchange. As a result of this, the exchange supply for the network rose to 7.92%, which is a five-week peak.
Although movements like this are not unheard of in the crypto market, they can put people on edge. Accordingly, investors need to be careful when whale exchange inflows appear since it could mean whales plan to sell off significant amounts of coins, which could cause a drop in the price.
But it’s worth noting that the said whale still possesses a considerable quantity of Polygon tokens. Santiment stated they currently possess 3.78 billion MATIC, which is a good indication of the network’s longevity. The recent move serves as an alert to cryptocurrency traders that the market can be fickle. Investors should take precautionary measures and know what they’re doing before making decisions based on the data available to them.
Polygon Price Analysis
The latest Polygon price analysis shows that the market is currently moving downward. This is a relatively bearish trend since MATIC has seen a significant decrease in price over the past week. The bulls had rallied MATIC’s market above the $1.0 level, touching the $1.17 mark, before the bears gained control and pushed the price back below $1.0. At press time, MATIC is trading at a price of $0.9633 and has seen a loss of over 2.88% in the past 24 hours.
The bullish momentum and the bearish momentum are still in a tug of war as the bulls are trying to push the price above the present resistance at the $1.0 level. However, the bearish pressure is preventing the price from breaking the resistance. The bears are in control of the price action, and if they break below the immediate support level at $0.9615, MATIC/USD could fall to $0.9500 and potentially lower.
On the daily chart, MATIC displays a negative outlook, with bearish sentiment gradually increasing in the market. MATIC’s market capitalization stands at $8.90 billion and holds the rank of 9th on CoinMarketCap’s list. Despite the drop in price and market cap, the trading volume has increased by 2.87%, indicating that traders are still optimistic about MATIC’s performance.
The technical indicators are aligned with the bearish sentiment, which suggests a further decline in price. The MACD line is below the signal, indicating that more bears are entering the market and driving down MATIC’s price. The Relative Strength Index (RSI) suggests that the current market sentiment is bearish, as the indicator remains in oversold territory with a value of 31.84.
The moving average (MA) indicator shows that the price is bearish as the 50 MA line has crossed below the 100 MA line. This indicates that sellers are gaining more control in the market and sending MATIC’s price down. The chart has been overwhelmed by bearish signals as the red candlesticks are ruling currently, indicating a further decline in price.
Overall, Polygon price analysis indicates a bearish market, however, if the bulls can push above the present resistance and begin to rally MATIC back up, there may be hope for a bullish breakout. Daily technical indicators display favorable results for the sellers, as the daily MACD and RSI are both trending downward. Investors should be mindful of the potential risks and take appropriate measures to protect their investments.
Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions.
