- MATIC makes it into the checklist of the highest most bought tokens by ETH whales.
- Its value motion within the final 24 hours reveals that the token continues to be struggling to safe extra upside.
Polygon’s native token MATIC kicked off this week with a bullish pivot on Monday (12 December) and has been progressively recovering since then. A latest WhaleStats evaluation revealed incoming whale demand that will set off extra upside for MATIC.
Based on the WhaleStats report, MATIC was among the many high 10 tokens that discovered favor from the 100 largest ETH whales within the final 24 hours. The statement means ETH whales have been shopping for MATIC, a transfer that will lend extra energy to the bulls.
JUST IN: $MATIC @0xPolygon now on high 10 bought tokens amongst 100 largest #ETH whales within the final 24hrs 🐳
Verify the highest 100 whales right here: https://t.co/N5qqsCAH8j
(and hodl $BBW to see information for the highest 5000!)#MATIC #whalestats #babywhale #BBW pic.twitter.com/41C7tpFjhv
— WhaleStats (monitoring crypto whales) (@WhaleStats) December 14, 2022
ETH whale participation in MATIC’s prevailing bullish demand might strengthen its rally. Sufficient bullish momentum might assist it soar above the 50-day shifting common.
The token has been struggling to push above this indicator because the begin of December. MATIC traded at $0.921 at press time, which was nonetheless beneath the 50-day MA.
MATIC’s value motion within the final 24 hours revealed that it was nonetheless struggling to safe extra upside. However can this modification because the weekend approaches? Maybe a few of Polygon’s metrics might present helpful insights into what to anticipate.
Is brief-term profit-taking holding MATIC again?
MATIC dropped barely within the final 24 hours regardless of noticed ETH whale exercise. One of many potential explanations for this end result is that there was vital profit-taking by some market members.
Such an end result might have canceled out the shopping for stress. Moreover, MATIC’s age consumed metric registered elevated exercise within the final two days.
The age-consumed metric may point out that some giant whales are making the most of the resurgence of bullish demand to safe exit liquidity.
Additionally price noting is that MATIC’s quantity simply achieved a brand new 7-day excessive within the final 24 hours. This confirms that buying and selling exercise has definitely elevated during the last day.
As anticipated, every day energetic addresses have additionally elevated particularly within the final 4 days, which instructed that there was vital retail exercise.
This surge in every day energetic addresses continues to be favorable to MATIC from a community exercise standpoint. The token will seemingly have extra value volatility now that there’s extra shopping for and promoting occurring.
However this doesn’t supply a lot readability when it comes to route. Maybe provide distribution can present extra readability.
Based on latest observations, the highest addresses are at present growing their balances. This implies there’s a larger likelihood that MATIC will ship a big upside.