Polygon

The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/polygon-hits-0-8-with-this-move-can-matic-price-surpass-1-in-the-next-few-days/">Polygon Hits $0.8: With This Move, Can MATIC Price Surpass $1 In the Next Few Days?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a>
The crypto space is rising! The bitcoin price is heading towards $37,000! Altcoins are gearing up! These may substantiate the claim that the <a href="https://coinpedia.org/price-analysis/bitcoin-bull-run-set-to-begin-soon-will-2024-replicate-the-2021-bull-run/" target="_blank" rel="noopener noreferrer nofollow">markets are moving towards the phase of a bull run</a>. In the meantime, one of the popular altcoins, Polygon, has set the markets on fire. By recording constant gains, the token is closer to becoming one of the top-performing assets.&nbsp;
The token has attracted enough liquidity in recent times to raise trading volume from around $160 million to over $500 million in just a few days. The rise in large transactions can also be considered a prime factor in the rise. This has attracted the bulls and the whales, who have been accumulating the token finely. As per <a href="https://twitter.com/santimentfeed/status/1722486477433774460" target="_blank" rel="noopener noreferrer nofollow">the data from Santiment</a>, Polygon Whales wallets holding 100K to 10M MATIC have accumulated 42.88M coins since October 24.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/XjcugcnOqemwXutarzoOBKvyvzccmOUEttluPvdEVeH3upbSu-hnmMPrtvKb92_msn1eNWqIm1znJn-YvLKNAAT_80bJPkig3g4r3zrlrew-xFlqDeoa-5fQ9ojEzrjIULaNj7zDcnJwhpRetXQmto4" alt="">
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The above chart also indicates a rise in the large transaction value of MATIC, which has exceeded $100K. Nearly 50 whale transactions have been registered with a value exceeding $100K in a single day, which is the highest since July. Now that the <a href="https://coinpedia.org/price-prediction/matic-network-matic-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">MATIC price</a> has broken above the falling wedge, is there any chance of a retracement?&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/hmieHyQR899zIsOIs-XdeVsY1TuMmZF4zG1ZK_25ZALEPupzOuLyPsW7q2G9kWAyn3_FYd8pQahUJIpjRZI5Yp3MV143fRX3gS2dtNjQqg7dQFy9J7V1dLC6ZoqotBwFgf2kZFPq7i2heJQfJbbN7mA" alt="">
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As mentioned above, the MATIC price has broken the falling wedge and been raised finely, setting up a bullish pattern. The upswing has pushed the price beyond the crucial resistance at $0.8. Although bulls appear to be strong, the bearish momentum doesn’t appear to have faded away. Besides, the RSI is hovering within the overbought range, which suggests that the price may undergo a minor outback or maintain a sideways consolidated trend for a while.

Polygon Hits $0.8: With This Move, Can MATIC Price Surpass $1 In the Next Few Days?

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