As expected, the steep drop in the crypto market on Wednesday night has spurred MATIC price predictions of mass whale acquisitions at lower prices. According to a report monitored from U.Today, ETH whales embarked on a massive accumulation spree, buying up Chainlink and Polygon tokens.
At the last count, a whale was said to have purchased $4.84million worth of MATIC tokens, resulting in a volume acquisition of 2,000,000 MATIC tokens. WhaleStats is also reporting that another Ethereum whale purchased close to 1.24m MATIC tokens. The whale in question ranks 293 in the list of transaction volumes compiled by this website.
Contrary to public opinion, price dips in the cryptocurrency market are not entirely a bad thing. Dips provide new buying opportunities at cheaper prices, which is why whales love to see them. Whale buying usually leads to an end of whatever selloff is going on or at least slows it dramatically, providing appropriate entry points for discerning traders.
The latest dip brings the MATIC/USD price action close to the 2.0048 support and allows the price action to touch off the ascending trendline that has supported price dips from 18 November 2021. A further selloff must take out these two supporting factors before the 1.7116 price support (13 November/6 December 2021 lows) comes into the picture.
Conversely, a bounce off the trendline allows for a price recovery towards 2.4088, before 2.5910 comes into the picture as an additional target to the north. 2.9215 remains the 2nd highest peak for the MATIC/USD pair.
This post was last modified on %s = human-readable time difference 13:19