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Polygon

<p>The post <a href="https://coinpedia.org/price-analysis/polygon-matic-price-poised-for-20-surge-despite-whales-sell-off/">Polygon (MATIC) Price Poised For 20% Surge Despite Whales Sell-off</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Polygon (MATIC), a leading Ethereum-based layer two (L2) scaling solution with about $811 million in total value locked (TVL) and nearly $1.2 billion in stablecoins market capitalization, has faced increased bearish pressure in the past three weeks. The medium-capped altcoin with a vibrant DeFi ecosystem has dropped approximately 22 percent in the last two weeks to trade around 73 cents on Tuesday during the mid-London session.</p> 
<p>Polygon (MATIC), a prominent layer-two scaling solution built on the Ethereum network, has recently encountered significant bearish trends. Despite boasting a substantial total value locked (TVL) of approximately $811 million and a stablecoins market capitalization of nearly $1.2 billion, MATIC has seen a decline of approximately 22 percent over the past two weeks, with its price hovering around 73 cents during the mid-London session on Tuesday.</p> 
<h2 class="wp-block-heading" id="h-polygon-whales-on-a-dumping-spree">Polygon Whales on a Dumping Spree</h2> 
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   <p lang="en" dir="ltr">2 wallets(receiving <a href="https://twitter.com/search?q=%24MATIC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$MATIC</a> from <a href="https://twitter.com/hashtag/Polygon?src=hash&amp;ref_src=twsrc%5Etfw">#Polygon</a> Ecosystem Growth) deposited 20M <a href="https://twitter.com/search?q=%24MATIC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$MATIC</a>($14.86M) to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> 7 hours ago.<br><br>The <a href="https://twitter.com/hashtag/Polygon?src=hash&amp;ref_src=twsrc%5Etfw">#Polygon</a> Ecosystem Growth wallet transferred 217M <a href="https://twitter.com/search?q=%24MATIC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$MATIC</a>($162M) to 70 wallets at the price high on Nov 15.<br><br>After that, the price of <a href="https://twitter.com/search?q=%24MATIC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$MATIC</a> dropped ~22%. <a href="https://t.co/Jj4JDZnSZQ">pic.twitter.com/Jj4JDZnSZQ</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1729321352128290963?ref_src=twsrc%5Etfw">November 28, 2023</a>
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<p>One of the concerning factors contributing to MATIC’s recent decline is the behavior of large MATIC holders, commonly known as “whales.” On-chain analysis provided by Lookonchain reveals that MATIC whales have been actively offloading significant amounts of the cryptocurrency on various centralized exchanges. </p> 
<p>For instance, distressed crypto exchange FTX has deposited 8 million MATIC tokens, valued at approximately $6 million, into Coinbase Global and OKX in the past 24 hours. Additionally, two whale accounts, which received funds from the Polygon Ecosystem Growth wallet, have deposited about 20 million MATIC tokens, amounting to approximately $15 million, in the same 24-hour period.</p> 
<h2 class="wp-block-heading" id="h-matic-price-analysis">MATIC Price Analysis</h2> 
<p>Despite the high selling pressure on Polygon (MATIC), famous digital asset analyst alias Captain Faibik expressed a bullish outlook in the near term. Notably, the crypto analyst argues that MATIC’s price has been forming a falling wedge in the four-hour time frame, often followed by a bullish breakout. </p> 
<p>This positive perspective on MATIC’s short-term price action is further supported by the recent occurrence of a daily golden cross between the 50 and 200 Moving Averages (MA), accompanied by higher highs and higher lows, indicating a characteristic of a rising trend.</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24MATIC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$MATIC</a> Falling wedge formation on the 4h timeframe Chart.<br><br>In case of breakout, Expecting up to +20% Bullish rally in the Short term.<a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/MATIC?src=hash&amp;ref_src=twsrc%5Etfw">#MATIC</a> <a href="https://twitter.com/hashtag/MATICUSDT?src=hash&amp;ref_src=twsrc%5Etfw">#MATICUSDT</a> <a href="https://twitter.com/hashtag/Polygon?src=hash&amp;ref_src=twsrc%5Etfw">#Polygon</a> <a href="https://t.co/KngnP8JBD2">pic.twitter.com/KngnP8JBD2</a></p>— Captain Faibik (@CryptoFaibik) <a href="https://twitter.com/CryptoFaibik/status/1729355202770424083?ref_src=twsrc%5Etfw">November 28, 2023</a>
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<p>while Polygon (MATIC) has experienced a recent decline in its price due to increased selling pressure from whales, optimism remains within the crypto community. Prominent analyst Captain Faibik suggests that MATIC may be poised for a bullish breakout, citing technical indicators such as the falling wedge formation and the golden cross between Moving Averages. Investors and enthusiasts will closely monitor MATIC’s performance in the coming days to see if these bullish predictions materialize.</p>

Polygon (MATIC) Price Poised For 20% Surge Despite Whales Sell-off

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