As a seasoned researcher with over two decades of experience in the crypto markets, I’ve seen my fair share of bull runs and bear markets. The recent 6% surge in Polygon’s price on Wednesday is not just another blip on the radar – it seems to be the start of something significant.
On Wednesday, the price of Polygon climbed 6% during U.S. trading hours due to the overall market rise. The upward push in price is supported by significant whale purchases and a spike in network activity at addresses, which suggests a strong break from a five-month correction trend. Will this recovery continue?
Polygon Price Signals Major Breakout From Reversal Pattern
Since April 2024, the graph of Polygon’s daily price has consistently moved lower, influenced by a falling wedge pattern. The two descending trendlines functioned as significant dynamic resistance and support. However, since these lines are converging, it usually signals a decrease in bullish energy.
Contrary to the ongoing market downturn, the value of the altcoin has surged from $0.398 to $0.48 over the past week, marking a 22% increase. This upward trend can be linked to Polygon’s recent announcement that the MATIC token will transition to POL on September 4.
As someone who has spent years closely following the cryptocurrency market, I must say that the positive response to this recent update was quite encouraging. In my experience, a decisive breakout from a wedge pattern like we saw in the Polygon price is often an early sign of a significant trend change. The daily candle closing above the resistance and the subsequent 4.6% surge was particularly noteworthy, indicating that this could be the beginning of a reversal in its direction. It’s always exciting to witness such developments and I can’t wait to see how this unfolds in the days ahead.
With sustained buying, the MATIC price could surge 57% to challenge the $0.57 resistance.
Polygon Network Sees Surge in Addresses as Whales Prepare for MATIC Rally
As a researcher examining the MATIC market trends, I’ve observed an intriguing uptick in the distribution of supply from addresses holding between 100,000 and 1,000,000 coins. The data provided by Santiment indicates a significant spike to approximately 830 MATIC, indicating that larger investors are actively accumulating this asset, potentially signaling a forthcoming surge in value.
Based on Intotheblock’s analysis, there was a substantial jump in the number of new addresses on the Polygon network, rising from 463 to 725 over the course of a week. Simultaneously, the active addresses grew from 1,310 to 2,150. This notable increase in both new and active addresses suggests an expanding curiosity and involvement within the Polygon network.
An increase in newly created accounts implies a growing number of users joining, possibly enticed by the network’s scalability and recent advancements. Simultaneously, the spike in active accounts suggests more interaction and involvement, potentially indicating higher network usefulness.
Instead, the rising 50-day Exponential Moving Average at $0.48 might encourage sellers to respond aggressively. If there’s a possible break below the falling trendline, it would weaken the bullish argument and potentially drive Polygon’s price downward towards $0.4.
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2024-08-21 20:08