Key Highlights:
- A significant surge in price occurred due to a whale transferring 37 million MATIC tokens.
- MATIC’s price settled at $0.5584 after a slight dip.
- MATIC is attempting to surpass the important $0.5700 resistance level.
Whale’s Impact on MATIC’s Price: According to market intelligence platform Santiment, a whale transferred a staggering 37 million MATIC tokens, worth around $20.7 million. This move, the largest since July 2023, resulted in a 4% price surge for MATIC within a day. Notably, this surge happened during a general market downtrend in the cryptocurrency market.
MATIC’s Market Performance: Data from CoinMarketCap shows that MATIC experienced a minor 0.66% price decrease in the last trading day. However, its weekly performance displayed a commendable 9% increase in value. The cryptocurrency also saw a significant 18% increase in its 24-hour trading volume, reaching $365,236,519. With a market capitalization of $5,194,671,819, MATIC currently ranks as the 13th largest cryptocurrency, positioned between Dai (DAI) and Polkadot (DOT).
Technical Analysis: MATIC is currently on the verge of breaking the significant resistance level of $0.5700. A successful break could lead to further upward movement towards the $0.6435 mark. However, if the resistance is not breached soon, traders might decide to sell their MATIC assets, potentially causing a decline in its value towards the immediate support level at $0.4890.
Disclaimer: This analysis is provided in good faith. Readers are advised to conduct their own research and due diligence. Any actions taken based on this information are solely at the discretion of the reader. Neither this publication nor its affiliates are responsible for any potential outcomes.
