MATIC Whale Trading Volume Makes Top 10 List; Rally to Follow?

The whale tracking website, Whalestats, tweeted today that Polygon (MATIC) is back on the list of the top 10 cryptos by trading volume among the 100 biggest ETH whales in the last 24 hours.

Despite this, MATIC’s price has seen a decrease over the last 24 hours according to CoinMarketCap. At press time, the price of MATIC stands at $0.8467 following a 1.71% drop in the last day.

MATIC’s price has also weakened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 1.50% and 2.67% respectively.

Although MATIC’s price has dropped over the last 24 hours, it is still up 8.44% over the last 7 days.

Daily chart for MATIC/USDT (Source: CoinMarketCap)

The price of MATIC attempted to break above the upper bound of the parallel price channel between $0.8126 and $0.8848, but was met with resistance yesterday as can be seen by the wick on yesterday’s candle. This resistance ultimately brought down MATIC’s price to close at $0.8426 after reaching a daily high at $0.8770.

Today, it seems that MATIC’s price will make another attempt at breaking the upper level of the aforementioned price channel. The daily RSI indicator is signaling bullish, with the daily RSI line sloped positively towards the overbought territory. Furthermore, the daily RSI line is positioned above the RSI SMA line.

The 9-day and 20-day EMA lines are also flagging slightly bullish, as the 9-day EMA line is positioned above the longer EMA line at press time.

MATIC’s price is now resting on the support level at around $0.8415. Should it break below this support level, then the bullish thesis will be invalidated and MATIC’s price will drop to the lower level of the current price channel.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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