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The short-term future of Polygon (MATIC) price looks a little bleak in terms of a rise since most of the indicators suggest consolidation.
While on one hand investors are exhibiting growing accumulation, whales seem to be selling to offset losses.
Polygon Whales Are Skeptical
The MATIC holders are sending mixed signals regarding the direction of MATIC price. This is because, by and large, the market is noting a rise in the accumulation of the Polygon native token across the network.
This can be observed on the Chaikin Oscillator, which notes an uptick crossing above the accumulation-distribution line. The indicator measures the momentum of the accumulation and distribution to help identify potential buying and selling opportunities.
Presence of the indicator above the line suggests accumulation is heavy at the moment.
On the other hand, the whale addresses are exhibiting pessimism. Evidently, in their selling, the whales are looking to offset their losses. In the last week alone, the addresses holding between $1 million and $10 million worth of MATIC have sold about $214 million worth of their MATIC.
Read More: How To Buy Polygon (MATIC) and Everything You Need To Know
Since the whale addresses are one of the most influential cohorts, it would not be surprising to see the price react accordingly.
MATIC Price Prediction: Close to $0.70 Is the Future
The MATIC price is trading at $0.72 at the time of writing after failing to breach the resistance of $0.75. The altcoin has been stuck under this barrier for the past month and a half and above $0.64.
This consolidation that the Polygon native token has been stuck in will likely be the home for MATIC price for the next few days. A breakout is possible since the candlesticks are closer to the upper limit.
Read More: Polygon (MATIC) Price Prediction 2024/2025/2030
However, a further decline towards the lower limit of $0.64 would strengthen the consolidation, making a breakout even more difficult. A drop below this line, on the other hand, would completely invalidate the bullish-neutral thesis, sending the MATIC price to $0.60.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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