Cryptocurrencies

Polygon Price Predictions: EIP 1559 Upgrade Spurs Whale Buying Spree

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Written By: Eno Ikenna Eteng
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    Summary:
  • The EIP 1559 upgrade is spurring a buying spree among whales, and this could lead to bullish Polygon price predictions

There could be bullish Polygon price predictions on the horizon following the anticipated implementation of the EIP 1559 upgrade on the Polygon network. This upgrade will allow Polygon to burn MATIC tokens over time, which is expected to produce a supply-restricted price increase.

The upgrade also allows investors to purchase MATIC on the Ethereum blockchain. Consequently, there has been some massive whale action within this time, with one whale purchasing nearly 7.5 million MATIC tokens in several transactions. WhaleStats reports that this whale has a little above 10.2million MATIC tokens.

On the daily chart, this purchase seems to have slightly impacted price direction, with the MATIC/USDT pair gaining 1.82% as of writing. 

Polygon Price Prediction 

The day’s uptick came off a bounce on the ascending trendline that connects the price lows from mid-November to date. This sets up a potential run towards the 2.200 resistance mark. Above this level, 2.438 serves as an additional price target to the north.

On the other hand, a decline below the ascending trendline brings the support zone at 1.946/1.877 into the picture as an additional support target. Only when this support zone is breached can 1.716 become the new target. 1.434 is an additional pivot that is currently out of reach.

MATIC/USDT: Daily Chart

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This post was last modified on Jan 20, 2022, 09:19 GMT 09:19

Written By: Eno Ikenna Eteng

Eno's work as a technical analyst and author since 2009 is well recognized in the industry and on several freelance platforms. He is also a member of the prestigious UK Society of Technical Analysts and a top-ranked participant in the Basic Investment Banking and Asset Management simulations with Amplify Trading.

Published by
Written By: Eno Ikenna Eteng