The post Polygon (MATIC) Eyes Bullish Reversal Despite Nine-Month Low and High Selling Pressure appeared on BitcoinEthereumNews.com.

Polygon’s native token, MATIC, has recently drawn attention by hitting a nine-month low. While the token’s decline has triggered concerns, certain indicators suggest a potential bullish turnaround. Most MATIC addresses are currently “out of the money,” with significant implications for traders. Discover the latest developments in Polygon’s MATIC market, exploring potential indicators for a bullish reversal amidst prevailing bearish sentiments. Bullish Reversal Hints Amidst Current Bearish Trends Recently, Polygon’s MATIC token reached a nine-month low, instigating worries among investors. Despite this downturn, the Moving Average Convergence Divergence (MACD) indicator hints at a possible bullish crossover. The MACD line, positioned just below the Signal line, suggests that the token might soon witness upward momentum. On the other hand, MATIC’s trading price remains below both its 50-period and 200-period moving averages, reinforcing the current bearish sentiment in the short term. This points to continued caution among traders, despite the apparent signs of a possible market shift. Market Analysis: Current State of MATIC Holders An analysis of MATIC addresses reveals a concerning statistic: approximately 92.91% of these addresses are “out of the money,” meaning the current value of their holdings is lower than the purchase price. Conversely, a mere 5.22% of MATIC addresses are “in the money,” reflecting profitable positions. TRUSTED BY COINOTAG,Did you missed $MEME, $PEPE or Bitcoin? No worries! Click here to sign up chosen altcoin exchange! Exchange inflows for MATIC have shown significant spikes, indicative of increased selling pressure as investors transfer their tokens to exchanges potentially to liquidate their holdings. However, recent data shows a stabilization or decrease in these inflow volumes, suggesting a possible reduction in immediate selling pressure. Whale Transactions and Their Implications A noteworthy detail in recent MATIC market activity is the declining trend in whale transactions. Fewer activities by major investors correlate with lower speculative…

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Filed under: News - @ June 30, 2024 5:22 am