According to the data published by Santiment, MATIC whales showed mobility with technical structure.
According to onchain analytics firm Santiment, MATIC has seen an increase in whale transactions recently. The last time whale activity was this high was on August 22, just days before MATIC surged to $0.60. This may be an indication that large investors are accumulating MATIC in anticipation of a potential price increase.
MATIC stood out with both technical analysis and onchain data
Currently, MATIC is trading around $0.55, up 1.5% in the last 24 hours. However, the overall trend remains bearish after the Rising Wedge pattern was broken at the end of August. The major coin broke below the $0.75 key support level, confirming the downtrend.
The price has since found support around $0.50 in June. However, the general trend continues to be down in the short, medium and long-term timeframes. Momentum indicators are mixed; The MACD line is above the signal line (bullish), but the RSI is below 45 (downtrend).
The key levels to watch for MATIC are the $0.50 support and the $0.75 and $1.00 resistance. Traders should set up price alerts and watch whale activity closely for signs of accumulation. MATIC could see further declines if the $0.50 support fails to hold.
The recent surge in whale trading provides MATIC bulls with a glimmer of hope. However, technical data continues the downward trend overall. MATIC will need to retrace key levels to confirm trend reversal. Until then, caution needs to be exercised given the broader bearish trend in the crypto markets.
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