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- Addresses holding between 100,000 to 10 million MATIC have been accumulating.
- Ought to MATIC retrace to $0.78, shopping for momentum might ship it above $0.90.
- Open Curiosity elevated alongside the value motion, indicating surging bullish momentum.
Like different altcoins, the value of Polygon’s MATIC token has been hovering. In response to CoinMarketCap, MATIC’s worth was $.080 at press time. The rise in worth represents a 21.15% hike within the final seven days. In addition to its worth motion, the market cap of MATIC has additionally risen by 54% within the final three weeks, based on information shared by on-chain analytic platform Santiment.
Santiment, in its November 9 put up on X, famous that addresses holding between 100,000 to 10 million MATIC tokens have been accumulating closely within the final two weeks. The surge in accumulation by these whales means there was a rise in shopping for strain for MATIC. Therefore, it was nearly inevitable for the value to not enhance, mixed with the widespread bullish sentiment available in the market.
On the time of writing, MATIC had fashioned a strong bullish construction primarily based on the 4-hour chart. The Bollinger Bands (BB) additionally confirmed that the volatility across the token has elevated. Nevertheless, there’s a probability that MATIC will pull again.
It is because the higher band of the BB touched the value at $0.81 within the early hours of November 9. Ought to a retracement happen, MATIC might drop to $0.78. However it’s unlikely for MATIC to drop lower than $0.75 if promoting strain will increase.
This inference was as a result of $0.70 assist fashioned on November 7, which bulls gave the impression to be defending. In the meantime, the Superior Oscillator (AO) indicated {that a} pullback will not be sufficient to cease MATIC’s bullish momentum.
A Bullish Momentum and a Rising Curiosity
At press time, the AO was 0.083. The lengthening inexperienced bars of the AO point out that MATIC’s uptrend might speed up. If the shopping for momentum continues to rise, the value of MATIC might enhance by one other 10% within the coming days as a result of assist holding at $0.70.
One other indicator supporting the bullish thesis is the Open Curiosity. The Open Curiosity is the variety of excellent futures or choices contracts available in the market on the finish of a buying and selling day. As of this writing, MATIC’s open curiosity had elevated to $214.95 million.
Rising Open Curiosity, alongside a rising worth, may function backing for a steady uptrend. So, MATIC’s transfer above $0.90 stays possible.
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