The recent approval of the Ethereum (ETH) spot Exchange-Traded Fund (ETF) was a pivotal event for the cryptocurrency market, initially expected to boost the price of MATIC Coin significantly. However, despite a strong attempt, MATIC Coin did not achieve the anticipated higher price levels. As of now, MATIC is trading at $0.72, while Bitcoin has shown a gradual increase, surpassing $68,800 and recovering from $66,300 levels.
Why Are Whales Selling MATIC?
One notable trend is the significant selling activity among whales holding assets between $1 million and $10 million. This group sold $214 million worth of MATIC Coin last week, a surprising move given the low price levels. The rationale behind these sales could be linked to insider information or predictions regarding the ETH ETF, prompting them to exchange MATIC for ETH in search of quick gains.
The rapid rise in ETH prices indeed provided a profitable opportunity for those who made the switch. Consequently, the market might see renewed buying pressure following the substantial whale sales, which could impact MATIC’s price trajectory in the near term.
What is the MATIC Coin Price Outlook?
For MATIC Coin to break out of its current range, it must surpass the resistance level at $0.75. Despite positive developments, the coin continues to hover around $0.72, having dropped to $0.64 at times. If the price fails to hold the $0.64 support, further declines to $0.6 or lower levels may occur. Conversely, a recovery could set new rally targets between $0.95 and $1.5.
Actionable Insights for Investors
– Monitor whale activity closely, as their large sales can influence short-term price movements.
– Keep an eye on the $0.75 resistance and $0.64 support levels for potential breakout or breakdown scenarios.
– Consider the potential for renewed buying pressure following significant whale sales.
MATIC Coin has struggled compared to its performance last year and faces increased competition in the market. Investors should stay vigilant and watch for key support and resistance levels to make informed decisions.