Polygon’s governance coin MATIC has ensured a lucrative job of keeping most of its upticks since pivoting in June. Meanwhile, its latest price actions bring uncertainty as the alternative token has traded along an ascending foothold.
MATIC has had its price actions inside a megaphone setup since June. The alt ended August’s 2nd half retesting an ascending support level. Though the altcoin presented some bullish trials, it has stayed around the same mark.
Polygon Performance
Polygon’s performance displays an absence of massive demand to ensure a rebound from the footing. The altcoin hovered near a resistance mark at $0.95 – $1. That means any potential upside can encounter friction.
The prevailing uncertainty by MATIC’s price shows conflicted whale action. Some whales have sold while others resorted to buying. For instance, addresses with 100,000 – 10 million tokens reduced their holdings within the past five days.
Furthermore, MATIC wallets with over 10 million coins increased their holdings over the five days. The accumulation has neutralized the selling strength of the other cohort. Synchronized or unified selling and buying actions by the whales will offer price clarity.
Whale activity isn’t the only index currently triggering MATIC’s price. For instance, Polygon’s platform growth slowed since early this month. That could have negatively affected investor sentiment.
MATIC’s MVRV short/long difference stood at -43% during this publication. Though a massive revival from its 2022 low, it remained within the negative zone. And that could favor bulls.
Final Thought
Though MATIC noted improvements in MVRV short/long difference, there’s a substantial possibility of bearish near-term results. Polygon remains dedicated to pursuing partnership and crucial developments regardless of MATIC’s prevailing situation.
These developments enhance MATIC’s long-term trajectory as the altcoin leverages the massive growth. Indeed, the mentioned developments could see MATIC tapping into organic demand in the long run.
Also, MATIC holders can watch broad market sentiment for profitable decisions. The crypto market maintained a bullish stance today. For instance, Bitcoin has gained 3.78% within the past 24 hours to trade at $22,335.09 during this publication.
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