- MATIC showed signs of an uptick towards the $1 mark, with increasing network utilization and holder accumulation.
A recent crossover of the MA50 below the MA200 indicates a shift to a bearish trend.
As a seasoned crypto investor with years of experience under my belt, I’ve learned to read the market signs carefully before making any moves. Lately, Polygon[MATIC] has shown some promising signs, with increasing network utilization and holder accumulation that could potentially push it towards the $1 resistance level.
Polygon‘s MATIC token has surprisingly regained traction in the altcoin market, exhibiting a noticeable uptick and approaching the $1 resistance mark. This minor rally follows a period of consolidation, suggesting increased investor attention and the possibility of more price growth.
The number of MATIC addresses remaining quite constant suggests a steady pace in the formation of new addresses.
The total amount including balances has experienced a modest rise. This might signify higher network usage or an influx of holders, both of which can be seen as positive indicators.
Despite the fact that the number of addresses with balances continues to rise, the percentage of actively used addresses has been on a downward trend.
Despite the substantial investments made by larger shareholders, there remains consistent participation from smaller investors who choose to keep their positions, potentially anticipating future expansion.
During periods when cryptocurrencies display stability in price after a prolonged phase, this is often a sign of growing faith in the value proposition of the asset.
Technical indicators show…
Around recently, the moving average (MA) of 50 days (MA50) surpassed the moving average of 200 days (MA200), signaling a brief uptrend. However, when MA50 dipped below MA200 more recently, this shift indicated a possible transition to a downward trend.
The MACD hovers near the zero mark, with occasional dips beneath it, indicating a decrease in momentum and signaling a bearish outlook. Meanwhile, the signal line crossing above the MACD line further reinforces this bearish trend.
As an analyst, I’d describe the situation by saying that the Ichimoku Cloud, visible under the price movement on this chart, carries important information about market trends. The cloud with a green tint signifies bullishness, while the one shaded in red suggests bearishness.
During the initial phase, the price generally stayed higher than the average, indicating a predominantly bullish trend. This could be attributed to a favorable market atmosphere, potentially fueled by increased purchasing activity.
The price dipped into and below the cloud towards the past two days, indicating a bearish shift.
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2024-06-21 11:03