Polygon (MATIC) Holders Aim for 21% Price Rally – Will it Happen?

Analysis1mos agoUpdate 6086cf...
38 0

In Brief

  • MATIC price is initiating recovery after bouncing off from $0.6722, aiming to reach $0.80.
  • Conviction towards regaining profits is highly intense, with less than 1% of MATIC holders attempting to book profits.
  • Short-term holders’ supply is moving into mid-term holders’ wallets, backing the investors’ faith in a rally.

Polygon’s (MATIC) price aims to recover the losses it recently endured gradually, starting with a 21% rally.

With the support of its holders, the altcoin will likely make the rise sooner than anticipated.

Polygon Investors Push for a Rise

One of the biggest influences on MATIC price action is the behavior of the investors, which is key in assuring recovery from now on. As MATIC holders make bullish moves, prices will also witness growth, and their intentions will be clearly visible in their actions.

Their participation on the network shows that investors are not looking to sell now. Upon analyzing active addresses by profitability, it can be observed that less than 1% of the participants are profitable. Usually, the active addresses that are in profit tend to conduct transactions on the network with the intention of booking profit.

This is not the case now since close to 69% of the active addresses are at the money. These investors are attempting to secure profits to boost the price further.

Polygon (MATIC) Holders Aim for 21% Price Rally – Will it Happen?
MATIC Active Addresses by Profitability. Source: IntoTheBlock

Additionally, evidence of conviction can be noted in the transfer of MATIC from short-term to mid-term holders. The former are known to hold their assets for less than a month, making them prone to selling; the latter, on the other hand, tend to refrain from moving their supply for at least a year.

Read More: How To Buy Polygon (MATIC) and Everything You Need To Know

Since the beginning of this month, over 410 million MATIC worth more than $275 million has been moved into the mid-term holders’ addresses.

Polygon (MATIC) Holders Aim for 21% Price Rally – Will it Happen?
MATIC Supply Distribution. Source: IntoTheBlock

This shows that the Polygon native token holders have confidence that the price will eventually rise, providing them with larger profits. This conviction will be key in supporting a rally.

MATIC Price Prediction: Reclaiming $0.80

MATIC price is bouncing off the $0.65 support at the time of writing, close to breaching through the $0.70 resistance. Given the investors are pining for a price rise, the Polygon token could observe a surge toward $0.81 resistance, provided it flips $0.70 into support.

The Moving Average Convergence Divergence (MACD) indicator shows signs of rising bullishness. MACD is a technical indicator used to identify changes in momentum and potential trend reversals in a security or asset.

Polygon (MATIC) Holders Aim for 21% Price Rally – Will it Happen?
MATIC/USDT 1-day chart. Source: TradingView

The formation of a potential bullish crossover suggests that MATIC price could note a reversal in the coming days. Broader market bullish cues would aid the 21% recovery.

Read More: Polygon (MATIC) Price Prediction 2024/2025/2030

However, if the $0.65 support is broken and the MATIC price falls to $0.60, it would be vulnerable to a decline to $0.53. Hitting this support would invalidate the bullish thesis, causing further losses.

Top crypto projects in the US | April 2024

This article is sourced from the internet: Polygon (MATIC) Holders Aim for 21% Price Rally – Will it Happen?

Related: This Is Why Cardano (ADA) Price Is Potentially on the Cusp of a 15% Correction

In Brief Cardano price is losing the local support of $0.72 and will potentially find some support at $0.68. The MVRV ratio in the danger zone suggests that ADA’s bullishness is saturating and could lead to selling for profit. Cardano could invalidate the bearish outcome if it validates the two-month-old bullish rounding bottom pattern by tagging $0.76. Cardano’s price had an impressive start in March, but this momentum slowed over the past few days. ADA is now threatened by a potential correction that could wipe out a large chunk of its recently noted gains. But what happens if the third-generation cryptocurrency manages to validate this bullish pattern from December? Cardano Price Is on the Way Cardano’s price rose by more than 13% in the past week, trading at $0.72 at…

 

© Copyright Notice

Related articles

No comments

You must be logged in to leave a comment!
Login immediately
No comments...