Polygon (MATIC) is recovering amid strong proposal progress towards Polygon 2.0 and an increase in whale MATIC transactions, and some are asking “is it too late to buy Polygon?”.
The dramatic resurgence comes as a number of PIP governance proposals (PIP-24 and PIP-25) have been introduced, with both proposals aimed at updating the witness recording system required for Polygon 2.0.
And this coincides with an increase in the activity of Polygon whales, with the number of transactions worth more than $100,000 growing by 16.96% during the past week.
MATIC Price Analysis: Is It Too Late To Buy Polygon After The Whale Rises?
As price action picks up, MATIC is currently trading at a market price of $0.58 (which represents a 24 hour change of +3.72%).
The bounce was triggered by the recovery of the vital 20DMA support, which had acted to suppress bullish moves for 68 days since July 24.
Bolstered by support at the 20DMA, MATIC is up 10.3% since Sunday.
The 200 DMA now forms a top-level goal, a $0.77 – a level that would allow MATIC to recover the technical position of August.
As for Polygon’s indicators, the RSI it has increased substantially with the recent increase, now it overheated 62.84 – this could suggest the need to consolidate or pull back in the short term.
However, the MACD continues with a minor bullish divergence a 0.0090 – reflecting the growing momentum driven by whaling transactions.
Overall, MATIC looks balanced here, with a bullish stance above the 20DMA pointing to the 200DMA; the rise seems likely to follow a brief consolidation at current levels.
That leaves Polígon with one aim upwards below the 200DMA a $0.71 (a potential +21.66%).
while inconvenience Price action is facing a possible pullback towards lower trendline support a $0.50 (a possible -13.98%)).
So MATIC has one risk: reward of 1.55 – a strong entry characterized by decent upside potential.
But while bag holders watch the move to the upside, smart traders are turning profits to the fastest-growing GambleFi project on Telegram.
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How to buy TG Casino before?
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TG Casino’s Unmatched Tokenomics Could Trigger GambleFi’s Biggest Moonshot
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Disclaimer: Crypto is a high risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital.