Lorenzo Stroe
Independent Analyst
- MATIC price is bounded inside a symmetrical triangle pattern on the 12-hour chart.
- The digital asset needs to crack a key resistance level before a massive 37% breakout.
- The number of whales has continued to increase for MATIC, increasing buying pressure.
Polygon has been trading inside a tightening pattern for the past month and seems ready for a significant breakout as whales have gone into a buying frenzy for the past three weeks.
MATIC price is one barrier away from $0.51
On the 12-hour chart, MATIC has established a symmetrical triangle pattern with its resistance trendline formed at $0.374. A breakout above this critical point will drive MATIC price towards $0.51. A 37% move calculated using the maximum height of the pattern as a reference point.
MATIC/USD 12-hour chart
This breakout seems likely thanks to a significant spike in the number of whales. Since March 10, the amount of whales holding 10,000,000 or more MATIC coins increased from 31 to 62 and remains in an uptrend.
%20[12.36.38,%2001%20Apr,%202021]-637528711972527393.png)
MATIC Holders Distribution chart
Nonetheless, a rejection from the upper boundary of the pattern at $0.374 would be bearish and has the potential to drive Polygon down to the lower trendline of the symmetrical triangle currently established at $0.30. It's important to note that a breakdown below this point will push MATIC towards $0.20.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Is the party over for meme coins?
Meme coins have lost about 30% of their value in the past month following bearish sentiment from potential Bitcoin headwinds. WIF is down more than 61% from its recent all-time high of March 31. Crypto market may have passed euphoria level as celebrity meme token launches soak up liquidity from top meme coin projects.
Ethereum breaches key support as SEC delays ETF decision
Ethereum is down more than 5% on Thursday following the Securities & Exchange Commission's failure to approve ETH ETF issuers' S-1 drafts. Meanwhile, the recent decline has strengthened the bearish outlook after ETH moved below a key support level, sparking $90 million in long liquidations.
Optimism could extend losses by nearly 9% amidst bearish on-chain metrics
Optimism, an Ethereum scaling token is poised for nearly 9% correction as on-chain metrics turn bearish. While the number of active addresses hit a near four month peak, OP traders are realizing losses.
Bittensor reveals cause of network breach, TAO price suffers
In a report on Thursday, Bittensor (TAO) revealed that a malicious PYPi package disguised as an authentic Bittensor package caused its $8 million network breach. Following the report, TAO is down over 3%, stretching its weekly losses to about 20%.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.