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Ethereum (ETH) spot ETF approval was significant, and MATIC Coin was expected to rise strongly. However, not everything in crypto happens as expected. Although MATIC Coin made a new attempt, it did not find what it was looking for at higher levels.
Polygon (MATIC)
MATIC Coin price is at $0.72 at the time of writing. Bitcoin is experiencing a gradual rise. Bitcoin, which exceeded $68,800, started to rise from the $66,300 levels. The rest of the cryptocurrencies may recover slightly in the coming hours due to this turnaround. Returning to MATIC Coin, mixed signals are coming here.
For example, whales, especially the group with assets between 1 million and 10 million dollars, are making significant sales. It is difficult to understand the strong selling trend among whales at such low levels. Last week, this whale group sold $214 million worth of MATIC Coin.
Considering the strong impact of this whale group on the price, we can get an idea about the short and medium-term outlook. Whales may sell at such low levels in an environment where they cannot make a profit. Perhaps they exchanged their MATIC Coins for ETH for quick gains based on insider information or predictions regarding the ETH ETF.
If they did so, the ETH price gave them a good profit opportunity after the rapid rise it experienced in a short time. Thus, more buying demand may come soon from the $214 million sale.
MATIC Coin Price Prediction
The resistance level to be overcome is at $0.75, and despite all this fluctuation and many good news, MATIC Coin continues to hover around $0.72. The altcoin has seen drops to $0.64 as it stayed below the resistance level for the past one and a half months. We will likely see the price stuck in this range for a while longer.
If the $0.64 support is lost, lower dips of $0.6 and below may come into play. On the other hand, in a scenario where the price recovers, new rally targets in the $0.95-1.5 range may come into play. The fact is that MATIC Coin is performing worse compared to the same period last year and has more competitors.
