Polygon Price Analysis 05/12: MATIC Hits 90-Day Low Amidst 30 Million Token Transfer - Investor Bites

Polygon Price Analysis 05/12: MATIC Hits 90-Day Low Amidst 30 Million Token Transfer – Investor Bites

Time Stamp: May 12, 2023 7:24 AM
Polygon Price Analysis 05/12: MATIC Hits 90-Day Low Amidst 30 Million Token Transfer - Investor Bites PlatoBlockchain Data Intelligence. Vertical Search. Ai.

SNEAK PEEK

  • MATIC bears take control with a 90-day low at $0.8225.
  • 30M MATIC tokens worth $25M were transferred to an unknown wallet.
  • Bollinger Bands suggest a possible price reversal or breakout.

Bears have taken control of the Polygon (MATIC) market in the last 24 hours, forcing prices to bounce between a support level of $0.8225 (90-day low) and a resistance level of $0.8639. 

If the bearish momentum breaks through the support zone, the next level to watch is $0.7500. However, if the bulls get control of the market, we might see prices increase toward the $0.9000 resistance level.

During this period, 30 million MATIC tokens worth nearly $25 million were inexplicably transferred from Polygon Staking to an unknown wallet, contributing to the market’s ongoing instability.

MATIC was trading at $0.8302 at publication, a 3.67% drop. The market capitalization and 24-hour trading volume of MATIC also took a hit, dipping by 3.67% and 14.33% to $7,679,472,767 and $412,909,793, respectively.

The present bearish mood in the MATIC market is reflected in the Bollinger Bands’ downward movement, with the upper band at 0.884 and the lower band at 0.818. 

This suggests that the price is projected to trade within this range for the foreseeable future, with a higher possibility of going toward the lower band. 

Furthermore, the narrowing of the Bollinger Bands indicates the possibility of a significant price movement in the near future, a breakout or reversal. 

However, the price action has bounced off the lower band, indicating support at this level. This might represent a significant buying opportunity for investors wishing to enter the market at a lower price. 

In conclusion, MATIC faces bearish pressure with a possible breakout in the near future. However, the lower band represents a potential buying opportunity for investors seeking to enter the market at a discount.

Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions.

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