Polygon (MATIC) Price Analysis: Potential Breakout Expected
Polygon (MATIC) price is currently consolidating and awaiting bullish cues that could drive the altcoin out of its current range-bound state.
Polygon Investors Show Interest in Accumulation
- MATIC price may see a breakout above the $0.74 barrier if investors continue to hold their positions.
- Accumulation by investors could lead to an upward movement in price.
- Recent data shows a decline in MATIC supply on exchanges, signaling growing interest from investors.
- About 34% of the total circulating supply of MATIC is in profit, indicating investors’ reluctance to sell at the current price level.
- Polygon investors are eager for profits, which could lead to a sustained bullish trend.
MATIC Price Forecast: Targeting $0.80
- MATIC price has been consolidating between $0.74 and $0.64 for the past few weeks, with attempts to break the upper resistance level.
- An accumulation by Polygon investors could help push the price above $0.74 and target $0.80.
- If the resistance at $0.81 is flipped, it could trigger a recovery rally for MATIC.
Hot Take: Potential for MATIC Price Surge
The current consolidation phase of Polygon’s price presents an opportunity for a potential breakout, with investors showing interest in accumulating more tokens. By holding on to their positions, investors could drive the price higher, targeting key resistance levels at $0.74 and $0.80. However, failure to break these levels could result in a retest of support levels at $0.64 and below, negating the bullish outlook for MATIC. Keep a close watch on investor behavior and key price levels for potential trading opportunities.
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