Ethereum ETF Approval Led to Explosion in Polygon (MATIC) Price
The cryptocurrency market was stimulated by the approval of the Ethereum (ETH) spot Exchange Traded Fund (ETF).
As initially expected, the expected price increase in MATIC Coin was not observed following this development.
Currently, MATIC is trading at $0.72 while Bitcoin has shown a steady rise, surpassing $68,800.
One prominent trend is that whales holding assets between $1 million and $10 million are engaging in significant sales activity. This group sold $214 million worth of MATIC Coins last week. These surprising sales despite low price levels may be based on insider information or predictions regarding the ETH ETF. These whales may have felt the need to exchange MATIC for ETH for quick profits. The rapid increase in ETH prices presented a lucrative opportunity for those who made this change. As a result, there may be renewed buying pressure following significant whale sales, which may affect MATIC's price course in the short term.
What is MATIC Coin Price Outlook?
MATIC Coin must break the $0.75 resistance level to break out of its current range. Despite the positive developments, the coin continues to remain around $0.72 and drops to $0.64 from time to time. If the price fails to maintain the $0.64 support level, the decline to $0.6 or lower could continue. Conversely, a rebound could set new bullish targets between $0.95 and $1.5
Watch whale activities closely, their large sales can affect short-term price movements.
â Watch the $0.75 resistance and $0.64 support levels for potential breakout or breakout scenarios.
â Consider the potential for renewed buying pressure following significant whale selling.
MATIC Coin is going through difficult times compared to last year and is facing increasing competition in the market. Important support and resistance for investors to make informed decisions
$MATIC