Ethereum Whales Have Taken Action For MATIC!
It has been said for days that extreme volatility is expected, and both BTC and altcoins have moved greatly. The statements made by the Fed were not exactly as desired, and the unemployment applications that came a little earlier also remained below expectations. In other words, the Fed has once again confirmed that it is moving on the right track. Accordingly, we may see horizontal or bearish movements in general in the coming weeks. But the Ethereum whales have made a move for MATIC.
To some, the question of why Ethereum whales play a decisive role for any altcoin seems ridiculous. With plain logic, they are questioning why Ethereum whales are interested in assets other than ETH. The problem is actually that this group does not fully understand the logic of blockchain. Ethereum is a blockchain and there are countless crypto tokens on this network besides ETH. The whales in the Ethereum network don’t just need to hold ETH, they even hold more stablecoins such as USDT, USDC other than ETH.
Polygon’s local token MATIC started this week with a bullish pivot on Monday and has been gradually recovering since then. A recent WhaleStats analysis revealed that whale demand is coming, which could trigger further upswing for MATIC. According to the WhaleStats report, MATIC has been among the top 10 tokens preferred by the largest 100 ETH whales in the last 24 hours. Dec. This observation means that the ETH whales have bought MATIC, a move that could add more power to the bulls.
MATIC Coin Review
The participation of ETH whales in MATIC’s dominant bullish demand may strengthen its rally. Sufficient bullish momentum can help it break above the 50-day moving average. The token has been struggling to rise above this indicator since the beginning of December. At the time of writing, MATIC was trading at the level of $0.921 and this figure is below 50 MA. MATIC’s price action over the past 24 hours has revealed that he is still struggling to secure more upside.
MATIC has experienced a slight decline over the past 24 hours despite the observed ETH whale activity. One of the possible explanations for this result is that significant profits have been made by some market participants. Such a result may have eliminated the pressure to buy. There has also been a significant increase in the number of active addresses in the last few days. This confirms the mobility of the whale. According to the latest observations, whales are currently increasing their balance. This means that MATIC is more likely to achieve a significant rise.
In the coming days, with the support of MATIC whales, Bitcoin may rise above 50 MA if it does not experience sudden losses.
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