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Whale activity signals possible shifts in MATIC with major transfers from Binance.
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MATIC tests the $0.378 support, whereby breaking below could push price toward $0.375.
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MATIC’s RSI is nearing oversold, indicating a potential opportunity for traders.
MATIC transfers of large amounts are increasing as “whales,” major investors, move significant quantities of Polygon’s native coin from major exchanges into unknown wallets. Whale Alert reported a number of substantial transactions that could signal a shift in the market.
Read Also: $8M in MATIC Moved By Polygon Foundation As POL Migrate Nears
Binance saw two large transfers of MATIC, each totaling 200 million MATIC, amounting to approximately $154.3 million. The wallets were not disclosed. OKEx also witnessed a notable transfer of 30 million MATIC worth $11.45million to an unknown wallet. Binance and OKEx have also made further transfers, totaling 200 million MATIC, and 300.065 million MATIC, respectively. This shows that whale trading is still going on.
MATIC Price and Technical Analysis
At the time of publication, MATIC’s current price is $0.3785. This represents a 1.04% drop in the last 24 hour. The price was holding just above $0.378 and is now under pressure.
Read also: End of Decline For NOT, MATIC, TIA Key Levels to Monitor
Support and resistance levels are becoming more apparent in terms of technical analysis. The $0.378 support level is a strong one as MATIC consolidates. If this level is breached, MATIC’s price could fall towards $0.375. This could act as a psychologically supportive point.
The recent price high, $0.3819, is a clear resistance. A sustained move above the resistance could trigger a bullish breakout. The next key resistance level is $0.384.
Market Outlook and Technical Indicators
The overall market sentiment around MATIC is cautious. Its market cap has dropped by 23.66%, indicating either a reduction in investor confidence or a reduction in liquidity. Trading volume also fell by 35.02% in the last 24 hours, which indicates less market activity.
MATIC’s 1-week RSI is at 35.08 from a technical indicator standpoint, which puts it close to the oversold condition. This could be a good opportunity for traders looking for an entry point. The 1-week MACD remains below the signal line and suggests that the short-term trend is likely to continue.
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