Polygon (MATIC) Price Stuck in Consolidation, But Bull Rally Could Be Near

6 months ago 3

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Polygon (MATIC) price awaits strong bullish cues that could propel the altcoin out of the consolidation it is currently stuck in.

Given that the altcoin is among the lowest profit-bearing assets, it is likely that investors will push for a price rise to book profits.

Polygon Investors Hint at Accumulation

MATIC price could see a breakout above the $0.74 barrier if only investors act accordingly. As long as these MATIC holders refrain from selling, consolidation could continue, and accumulation could enable an upswing.

This is the likely outcome for MATIC’s price, which is observing a surge in buying pressures. The supply held on the exchanges has seen a 20 million MATIC decline in the last three days. Although compared to other values and market capitalization of the altcoin, this supply is not much, it is a testament to the investors’ sentiment.

In the past, such instances of buying have been followed by short-term price spikes. If MATIC price witnesses the same outcome this time, it could invalidate the consolidation.

Less than 34% of the entire circulating supply of MATIC is in profits, which is relatively uncommon. Despite the recent corrections, at least 50% of most of the cryptocurrency supply is in profit.

This suggests that Polygon investors are likely desperate for profits, which could keep them from selling their holdings. Since MATIC has considerable room to grow, it could also witness extended bullishness.

MATIC Price Prediction: Reclaim $0.80

MATIC price is consolidated between $0.74 and $0.64. This range has been unbroken on both ends for the past three weeks. Since mid-April, the Polygon native token has attempted multiple times to breach the upper limit, acting as resistance.

Now, the altcoin is close to doing the same this time around. A push from Polygon investors’ accumulation could help MATIC breach $0.74, pushing it towards $0.80. Successfully flipping the resistance of $0.81 would initiate a recovery rally.

On the other hand, if the breach fails, MATIC’s price could remain rangebound and slip back down to $0.64. Losing this support could send the altcoin to $0.60 and lower, invalidating the bullish outlook.

The post Polygon (MATIC) Price Stuck in Consolidation, But Bull Rally Could Be Near appeared first on BeInCrypto.

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