MATIC Bulls Pin Hopes on Whale Accumulation Amid Bearish Technical Outlook – Here’re Key Levels to Confirm a Trend Reversal
MATIC’s price has been on a downward trend amid the broader crypto market sell-off in August.
However, according to on-chain analytics firm Santiment, MATIC has seen an increase in whale transactions lately. The last time whale activity was this high was on August 22nd, just a few days before MATIC pumped to the $0.60 mark. This could suggest that large holders are accumulating in anticipation of a potential price surge.
Source: Santiment – Start using it today
At the time of writing, MATIC is trading around $0.55, up 1.5% in the last 24 hours. However, the overall trend remains bearish following a breakdown from the Rising Wedge pattern in late August. MATIC dropped below the key $0.75 support level, confirming the downtrend.
Price has since found support around $0.50, which held up back in June. However, the overall trend across short, medium and long-term timeframes remains down. Momentum indicators are mixed, with the MACD line above the signal line (bullish) but the RSI below 45 (bearish).
Key levels to watch for MATIC are the support at $0.50 and resistance at $0.75 and $1.00. Traders should set price alerts and closely monitor whale activity for signs of accumulation. If the $0.50 support fails to hold, MATIC could see further downside.
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Show more +The recent increase in whale transactions provides a glimmer of hope for MATIC bulls. However, the technicals remain bearish overall. MATIC will need to reclaim key levels to confirm a trend reversal. Until then, caution is warranted given the broader downtrend across crypto markets.
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