As a seasoned crypto investor with a knack for spotting trends and understanding market dynamics, I find the recent whale activity surrounding MATIC, INJ, and Render particularly intriguing. Having weathered numerous bull and bear markets, I’ve learned to read between the lines of whale behavior, and the shift of their holdings to cold wallets is a clear signal of long-term commitment.
In September, the cryptocurrency market saw a shift towards optimism, driven by investors’ expectations that the U.S. Federal Reserve would reduce interest rates by 0.25%. During this time, large investors, or “whales,” signaled their faith in digital currencies such as MATIC (now on POL), INJ, and Render, by transferring a substantial portion of their holdings from online exchanges into cold storage wallets, indicating a long-term investment strategy.
Massive Whale Moves Spark Bullish Sentiment for MATIC, INJ, and Render
New information from Santiment indicates substantial price discrepancies in cryptocurrencies like Injective (INJ), Polygon (MATIC), and Render (RENDER) due to increased whale activity. The following tweet underscores a significant change in whale ownership, as large quantities of these altcoins are moved from hot exchange wallets to cold storage.
Normally, moving assets from exchanges lowers the urge to sell, and shifting them to offline wallets underscores investors’ dedication towards long-term investment. With anticipation of a 0.25% rate reduction in the upcoming FOMC meeting, this ‘whale’ activity adds more strength to the positive forecast on those assets.
Cryptocurrencies like Injective (INJ), Render (RENDER), and Polygon (MATIC) are among those that experienced unusual price fluctuations following an unexpected shift from exchange wallets held by large investors (whales) to their personal cold storage wallets. These price deviations can serve as valuable indicators for both short-term and long-term trading strategies.
— Santiment (@santimentfeed) September 16, 2024
Polygon (POL)
The digital coin called POL, which is associated with Polygon, has moved away from MATIC and is currently priced at around $0.38. It holds a market value of approximately $2.7 Billion. Despite a general downward trend in POL’s price, it has been moving sideways at around $0.35 recently. Two bullish reversals suggest that there is still significant demand for this coin.
Since the Relative Strength Index (RSI) highlights growing buying interest, it’s possible that the Price of the asset (POL) might surge by approximately 26%, aiming to breach the resistance trendline above it.
If Polygon manages to surpass its current resistance, it could significantly boost its upward trend, potentially driving the price of Polygon up towards $0.5.
Injective (INJ)
The current price of this digital coin (INJ) on various trading platforms appears to be forming a “falling wedge” shape on its daily chart. At present, the coin is bouncing between two lines that are gradually converging, and it’s trading at $18.74. This price represents a 64.3% decrease from its all-time high (ATH) of $52.75. If this pattern continues, there’s potential for the INJ price to rise by about 7.5%, breaking through the upper trend line.
A successful escape from its current state will indicate a change in direction for INJ, pushing its value towards the goal of $40.
Render (RENDER)
Just like Matic’s (POL) price pattern, Render Coin exhibits a steady trend, hovering above its $4 support. During this period of consolidation, Render Coin is trading at $4.87 and boasts a market capitalization of approximately $2.52 billion.
If the market recovers as expected, the value of RENDER‘s altcoin might jump by around 14%, aiming to breach a descending trendline from June 2024. This is possible if buyers successfully transform the current resistance level into future support. If this happens, the price of RENDER could potentially trigger an upward surge that exceeds $8.
If the resistance trendline holds strong, it might be that the Render price continues its corrective movement for a longer period.
Read More
- SOL PREDICTION. SOL cryptocurrency
- USD ZAR PREDICTION
- BTC PREDICTION. BTC cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- USD PHP PREDICTION
- USD COP PREDICTION
- EUR ILS PREDICTION
- CKB PREDICTION. CKB cryptocurrency
- TAO PREDICTION. TAO cryptocurrency
- REF PREDICTION. REF cryptocurrency
2024-09-17 18:42