Polygon Rallies as Whales Go Into Buying SpreeAugust 11, 2021
- MATIC is up more than 20% in the last 24 hours.
- Buying pressure continues rising despite the recent gains.
- Polygon may be targeting $1.83 as it faces no resistance ahead.
Polygon’s native token MATIC appears to have entered a new uptrend fueled by whales that have been accumulating tokens at a discount.
MATIC Targets Higher Highs
Polygon’s MATIC token is soaring.
Behavior analytics platform Santiment reveals that demand for Polygon is accelerating quickly. Based on the token’s supply distribution, the number of addresses with 100,000 to 10,000,000 MATIC has surged by nearly 9.34% in the last few weeks.
Roughly 67 whales have joined the Polygon network since Jul. 20.
The growing number of large investors backing the distributed ledger startup may seem insignificant at first glance. Still, when considering these whales hold between $135,000 and $13.5 million in MATIC, the sudden spike in buying pressure is substantial.
Prices have shot up as buy orders increase. Over the last 24 hours alone, MATIC has risen by more than 20%, with plenty of room to go further up.
Transaction history shows that the only significant supply barrier ahead of Polygon sits at $1.83. Around this price level, more than 23,500 addresses have previously purchased 173 million MATIC.
IntoTheBlock’s Global In/Out of the Money (GIOM) model also reveals that Polygon sits on top of a vital demand barrier. More than 5,000 addresses bought over 685,000 MATIC between $1.21 and $1.36.
As long as this support wall holds, the eighteenth-largest cryptocurrency by market cap looks poised to continue its uptrend. However, in the event of a breach of the $1.21 to $1.36 barrier, investors should expect a downswing to the next critical demand zone at around $0.83.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Source: Read Full Article