Polygon(MATIC) price rally raised many eyebrows by ralling more than 1500% since the beginning of 2021. After smashing the highest levels as of now, above $2, the price experienced a freefall to the lowest levels below $1.
However, it was successful in recovering a major part of loss and touched $2 yet again, but woefully gets rejected. Since then, it appeared that the rally may have been halted as the price was stuck in between $1.7 to $1.98 levels.
Conversely, the sideway trend which the MATIC price is following, may be looked at as a strong accumulation. Hence a huge price jump may be underway once the consolidation is done. Moreover, the balance on the exchanges are depleting at a larger pace as only 1.2% of the total supply is left.
This clearly signifies, whales are accumulating MATIC tokens as much as possible and HODLing for the next leg up. Adding to the substance, the price after the recovery yet again slumped close to $1.5 and again rose close to $2. Post to which it is currently consolidating strongly around these levels. Speculating for the possibility of a breakout approaching very fast.
Matic Price Analysis
Matic prices since the past couple of days have experienced a drain in the gains by plunging at a higher pace. The rally flipped as the bears strengthened, with more of the red candles spread for 8 hours straight.
The price seems to end with accumulation as it has reached the tip of the ascending triangle. The breakout may be on the cards as the price is currently trending in a very decisive phase. The breakout may lead the price to rally above $2 and eventually retest the zone around ATH. Conversely, if the price fails to do so, it may again slump back below $1.5.
- The resistance levels are initially at $1.94 and later at $2.23
- The support levels are at $1.57
- The indicators point out at a strong buy signal
- The MATIC price is $1.87 with a jump of 0.78% in the past 24 hours