MATIC slows down momentarily, but the bulls are not giving up

Is MATIC Likely to Reach $1? Analyzing the Market Trends

Posted: November 14, 2023

MATIC Continues Uptrend

Polygon (MATIC) experienced a significant transfer of $55 million worth of tokens to the Coinbase exchange on November 12th. Many anticipated a selling pressure, but instead of a drop in prices, MATIC continued its rally and was trading at $0.89 at the time of writing.

The Higher Timeframe Price Chart Remains Bullish

The market structure on the one-day chart was bullish, with prices revisiting the $0.77 region before bouncing back. Technical indicators, including the RSI and On-Balance Volume, indicated strong bullish sentiment.

Should Long-Term Holders be Concerned?

The whale transaction count has been increasing, along with the mean coin age, suggesting ongoing accumulation. However, the MVRV ratio touched a high not seen for more than a year, raising concerns about profit-taking by long-term holders.

Analyzing Wallet Holdings

The 10k-1M MATIC holders saw a slight decline in their holdings, while the larger wallet holders continued to accumulate. This trend is worth monitoring for potential price impacts.

Conclusion: What to Expect

Despite the heightened whale transactions, the uptrend in MATIC is expected to continue towards $1, with $1.2 as a reasonable expectation. Potential short-term dips to the $0.85 and $0.79 support levels would present buying opportunities for traders.

Is your portfolio green? Check the MATIC Profit Calculator to stay informed about your investment performance.

These are exciting times for MATIC investors as the token continues to show a positive trajectory. Stay tuned for more updates as we track its progress.

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