Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
🚨 Don’t miss your updated list of AI-picked stocks for this month
Pick Stocks with AI
Ethereum's Top Scaling Solution Is Eyeing A Breakout
www.investing.com/analysis/ethereums-top-scaling-solution-is-eyeing-a-breakout-200622605
Ethereum's Top Scaling Solution Is Eyeing A Breakout
By Crypto Briefing | Apr 21, 2022 01:51AM ET Whales have been accumulating MATIC, which could help the token stage a bullish breakout.
Key Takeaways
- Polygon’s MATIC has seen its price increase by more than 13% in the past two days.
- On-chain metrics show stiff resistance at $1.53 while demand is picking up.
- Overcoming this crucial hurdle could result in a 41% price increase.
Polygon has held above a critical support level following the steep correction seen in the cryptocurrency markets over the past few weeks. Whales appear to have enjoyed the retracement to buy tokens at a discount, positioning MATIC for a significant bullish impulse.
Polygon’s MATIC Sees Buying Pressure
Polygon appears to be gaining the buying pressure it needs to break out.
The Layer 2 scaling network’s MATIC token has seen a price increase of more than 13% over the past two days. MATIC bounced off the X-axis of a descending triangle that has been developing on its 12-hour chart since mid-January.
Although Polygon continues to consolidate within this technical pattern, a breach of the $1.54 resistance level could result in significant gains.
The height of the triangle’s Y-axis added to the breakout point suggests that a sustained close above $1.54 could result in a 41% upswing to $2.16.
Still, on-chain data shows that slicing through $1.54 may prove challenging.
IntoTheBlock’s In/Out of the Money Around Price model shows that nearly 18,500 addresses have previously purchased more than 850 million MATIC between $1.54 and $1.59.
The significant supply wall could have the strength to absorb any upward price action, while a 12-hour candlestick close above this hurdle could lead to higher highs.
It is worth noting that the buying pressure behind Polygon has seen a significant acceleration over the past three weeks.
The Polygon addresses holding between 1 million and 10 million MATIC have added more than 60 million MATIC worth roughly $84 million to their holdings since Apr. 8.
If buy orders continue to increase, MATIC could see a breakout.
As the odds appear to favor the bulls, the $1.25 support level is likely to be decisive. A clear drop below this demand zone could invalidate the optimistic outlook and result in a steep correction. MATIC could then drop $1.14 in search of support.
Related Articles
Bitcoin on the Brink of a Bear Market?
By Prime XBT - Feb 27, 2025
3
Bitcoin plunges over 20% from its ATH Crypto liquidations reached $773,28 million over the past 24 hours BTC ETFs experience record outflows this week Trump’s trade tariffs...
Bitcoin Price Dips Below $89k as Crypto Market Swings to Fear
By Timothy Fries - Feb 25, 2025
In a week marked by intense market fluctuations, Bitcoin has plunged to new lows, while investor sentiment has shifted dramatically. Key indicators show a significant decline,...
Bitcoin: Bullish Nasdaq Can Be Supportive for the Cryptocurrency
By Gregor Horvat - Feb 21, 2025
1
Bitcoin remains under intraday bullish pressure with room for more gains, especially if we consider that NASDAQ 100 made a nice intraday subwave (iv) pullback which can push the...
Ethereum's Top Scaling Solution Is Eyeing A Breakout
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.