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Is Polygon (MATIC) price Stalling or in the Accumulation Phase by Whales?

Highlights

    Matic price experiencing a steep fall, forecasting the misty path towards the initial target set at $1

    Despite a heavy sell off, the price is still expected to rise as high as $4 in the coming days

Will Polygon(MATIC) Price Hit $1?

The MATIC price was speculated to surge, yet the price flipped into bearish divergence. However, the price is on the verge to touch the lower levels of the falling wedge and hence a major breakout is the need of the hour. Else the price may still crash to the levels close to $0.3 or even below this level.

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Despite the current downtrend, the polygon price is still expected to rally high. Moreover it is speculated that the whales are accumulating the asset speculated due to the two major indicators,

  • The concentration of Matice by large holders was 89% in the previous month, that surged to 92% in the current month
  • The volume on binance is reportedly falling from more than $300 million to $256 million and still counting low.

If the whales are accumulating as mentioned above, then good days for Matice price may be incoming. A popular analyst, Young and Investing, however, has given out predictions for various other assets including Matic Price as $4 by the end of 2022.

Along with the Matice price, the analyst has also predicted Bitcoin price and Ethereum price to hit $150K and $10K respectively. 

Price Analysis, What Path Will The Price Follow?

The Matic price is currently experiencing a massive drain out due to mounting selling pressure on the platform. The price movement is within a parallel channel where-in the price may revisit the lower support levels close to $0.3 very soon.

A massive red candle in the price chart has however, placed the target mentioned above under a misty cloud. A strong rebound from these levels may result in regaining the lost positions above $0.35, else lower levels below $0.3 is imminent.

matic price drop

The trading volume in the current trading day has depleted enormously and hence the bulls are required to jump in to uphold the price at the earliest. At the time of writing, the matic price is $0.3194 with a huge drop of 15.95%.

Technical Specifications

  • The resistance levels for Polygon price is at $0.3833
  • The support levels are at $0.3021
  • The indicators for the Matic price are currently neutral.

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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