Polygon (MATIC) Investor Skepticism Grows Ahead of Price Correction – What’s Next?

2024-4-13 01:30

Polygon (MATIC) price is facing potential correction owing to growing bearishness among investors.

This sentiment has intensified to the point where even whales have opted to reduce their holdings and book profits.

Polygon Investors Move to Sell

MATIC price is flashing a bearish signal, and investors react to it rather strongly. This is evident from the substantial drop in network growth. This indicator measures the rate at which new addresses are formed on the network, indicating the overall traction of the project among investors.

MATIC Network Growth. Source: Santiment

At the moment, Polygon’s network growth is at a seven-month low, which means that MATIC’s adoption is taking a massive hit.

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

However, it’s not just potential investors exhibiting skepticism but also existing MATIC holders. Large wallet holders are dumping their holdings, with over 19 million MATIC worth over $16 million moved to exchanges. Most of these addresses are whales holding between $10,000 and $100,000 worth of MATIC.

MATIC Supply Distribution. Source: IntoTheBlock

The decline in these investors’ supply is considered a major signal as any potential for recovery becomes invalidated.

MATIC Price Prediction: Look out for a Drop

MATIC price is currently witnessing a consistent drawdown, bringing it closer to the critical support of $0.7489. Given the aforementioned market cues, it is likely that the Polygon native token will lose this support.

Consequently, MATIC price would fall by 11.63% to test the support of $0.7422. If the altcoin falls below it, the support level of $0.7000 will be tested.

MATIC/USDT 1-day chart. Source: TradingView

However, the DeFi token is also in a falling wedge, which could reverse the outcome. A falling wedge is a bullish chart pattern characterized by declining price highs and lows, converging towards a narrower range, typically indicating a potential reversal to the upside.

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

Thus, MATIC price could invalidate the bearish thesis if it notes a reversal and reclaims $0.8876.

The post Polygon (MATIC) Investor Skepticism Grows Ahead of Price Correction – What’s Next? appeared first on BeInCrypto.

origin »

Bitcoin price in Telegram @btc_price_every_hour

ETH/LINK Price Action Candlestick Set (LINKETHPA) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: -2.75 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 467.1 (-100%)

price matic polygon correction begin skepticism investor

price matic → Результатов: 126


Polygon Seen Breaching $1 This Week – Can MATIC Start An Uptrend?

Polygon (MATIC) seems to have its vigor back with it potentially breaching $1 in the coming days. Polygon price is seen to generate massive gains at 108% MATIC price shoots close to a critical level that bulls are eyeing to test Set your eye on this critical level to catch the uptrend MATIC price is moving extremely bullish and could squeeze pushing the price above $1 setting the stage for a huge uptrend that could potentially double the coin’s price to $2.

2022-8-17 03:31


What is Matic Network? MATIC Price Prediction 2020

This is a two-faced article, where the first part takes a deep look at what is the project and who is behind it. Second part is our Matic price prediction 2020 and beyond. Matic Network strives to solve the notorious scalability and usability issues of Ethereum blockchain and blockchains in general, while not compromising on […]The post What is Matic Network? MATIC Price Prediction 2020 appeared first on CaptainAltcoin.

2020-2-3 02:41


Фото:

Will the MATIC Price Make a Comeback? [Premium Analysis]

After the massive December 10 price decrease, MATIC has struggled to approach its previous highs. We believe it will gradually increase but will be devoid of significant volatility. Even though MATIC decreased by more than 50 percent since its early December highs, it is still following a gradual upward trend since August — which is […] The post Will the MATIC Price Make a Comeback? [Premium Analysis] appeared first on BeInCrypto.

2019-12-24 00:53


Big traders on Binance panic tanking Matic’s price by almost 75%

The digital token of Ethereum-based payments company Matic lost almost 75 percent of its value in a matter of minutes after two weeks of massive appreciation. While the matter is still being investigated, both Matic and Binance said that it wasn’t a pump and dump scheme, but a result of a panic cycle caused by […] The post Big traders on Binance panic tanking Matic’s price by almost 75% appeared first on CryptoSlate.

2019-12-11 21:30