- Whales are accumulating MATIC, reflecting a positive outlook and trust in its long-term potential, despite recent price struggles below $0.70.
- Technical analysis points to a possible rally for MATIC, with broadening wedge-shaped goals at $0.95 and $1.29.
A noticeable event in a sea of cryptocurrency developments, the halving of Bitcoin suggests occasional good fortunes and fervent speculation.
In these critical moments, some cryptocurrencies shine the brightest. MATIC, of Polygon, is a cryptocurrency that has caught the eye of both enthusiasts and investors because of its bright future.
MATIC Market Trend and Whale Movements
In terms of cryptocurrency investments, MATIC has risen to become a big player. Even though the market dropped as a whole in value and the price of MATIC couldn’t break through $0.70 per token, recent actions by major investors—or “whales”—are showing signs of optimism.
Which #altcoins did whales buy after the market dropped?
We noticed a fresh wallet withdrew $17.43M #altcoins from #Binance in the past 3 hours, including:
48,922 $AVAX($1.86M)
621,003 $FET($1.45M)
5.14M $GRT($1.44M)
1.9M $MATIC($1.41M)
532,444 $OP($1.29M)
135,751 $RNDR($1.26M)… pic.twitter.com/peeRi3E3nR— Lookonchain (@lookonchain) April 15, 2024
The latest market data shows that these whales have not become disheartened by this current slump in price; instead, they are showing their confidence in MATIC to stockpile huge quantities of money for themselves.
Present-Day Price Changes
According to the most recent data from CoinMarketCap, MATIC is currently trading at around $0.6819, up 1.94% from the previous day. It does, however, show a notable drop of 21.69% during the previous week.
The asset’s current perilous condition is highlighted by this volatility, which also shows that there is a chance for a significant upward rise, as forecasted by market analysts.
A technical examination of MATIC charts indicates the emergence of a broadening wedge pattern, which is sometimes seen as an indicator of impending big price changes.
According to popular crypto analyst Scalping, MATIC may confirm the bullish pattern and go on a path towards possible price targets of $0.95 and then $1.29 if it closes above $0.63.
Polygon is forming a bullish broadening wedge pattern on the daily chart💁♀️
If the price bounces from the lower border of this pattern, expect a rise to $0.95 and $1.29 targets🎯 pic.twitter.com/YVn2jBYtvA
— Scalping (@Scalping2024) April 17, 2024
Starting on February 21, 2024, MATIC’s price remained over $1 for the whole month, demonstrating its tenacity in the past and returning to this level following slight declines. These patterns point to both a strong potential for development and a recovery, driven by sentiment in the market as well as inherent utility.
Practical Uses Increasing MATIC’s Worth
The fact that SukuPay used USDC Circle on the Polygon network to enable international transactions further supported Polygon’s usefulness, as ETHNews had previously reported.
The practical implementation of MATIC’s foundational technology augments its legitimacy and may encourage its uptake and utilization.
MATIC’s long-term prospects seem promising, notwithstanding recent price declines brought on by outside variables such as geopolitical tensions in the Middle East and its association with Bitcoin.
Due to rekindled investor interest and market conditions, analysts predict that MATIC may not only reach its all-time high of $2.92 but also surpass the $3 threshold following the halving of Bitcoin.