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Polygon (MATIC) seems prepared for upswings towards the resistance level of $1.
The altcoin displayed increased momentum after a consolidation phase, confirming enhanced investor interest and potential price surges.
Moreover, Polygon boasts a stable number of wallets, suggesting consistency in new address creation.
Meanwhile, the project has seen slight upticks in wallets holding MATIC balances.
That indicates surges in network usage of accumulation by holders, signaling bullish moves for the altcoin.
Nonetheless, IntoTheBlock data reveals intriguing stats. While wallets with balances increase, Polygon’s active addresses have plunged with prices.
That confirms a change in address dynamics. The trend shows that individuals transacting on Polygon have reduced despite more wallets holding MATIC.
Large-scale holders dominate volumes, while smaller players display stable interest, perhaps foreseeing solid long-term surges.
However, patience is paramount as these trends occur in phases, with tokens consolidating before a gradual price uptick.
The stabilizing before upward moves suggests underlying trust in the token’s future trajectory.
Further, increased integrations in the gaming world could help MATIC price sail to $1 in the next broad market rally.
⚔️TOP 3⚔️@Ronin_Network is using Polygon CDK to build a zk L2, meaning the top three gaming networks use Polygon tech
— Polygon | Aggregated (@0xPolygon) June 18, 2024
with this move, Ronin can also decide to tap into the AggLayer, joining a unified environment for the largest gaming community in web3https://t.co/2SQCa6OE3Y
The catch
While sentiments suggest recovery for MATIC price, technical indicators confirm a mixed bias.
Firstly, the 50-moving average crossed below the 200-moving average, indicating a trend change to bearish.
The Moving Average Convergence Divergence swayed at the zero mark with a downward stance, indicating declining momentum for MATIC.
Also, the Ichimoku cloud revealed notable insights. The altcoin maintained beyond this indicator early on.
That indicated improved sentiments amid buying interest and welcoming market conditions.
Nonetheless, the trajectory changed as MATIC’s price plummeted beneath the clout over the past few sessions, confirming bear dominance.
Polygon’s latest surge towards $1 despite downbeat technical indicators indicates the complexity in the crypto market.
The soaring number of wallets with balance highlights underlying confidence in MATIC’s prospects.
Nonetheless, bearish technicals call for more caution when interacting with Polygon (at the moment).
MATIC’s current price action
MATIC’s price reflected the broad market outlook today.
According to Coinmarketcap the altcoin lost 2.01% from the 24-hour high at $0.596 to trade at $0.578 during this publication.
The global cryptocurrency market cap declined by 2.94% to $2.32 trillion as Bitcoin lost more than 3% on its daily chart to change hands at $63,610.
Solid bullish moves that propel BTC towards $70K would be crucial in aiding MATIC’s recovery in the upcoming sessions.
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