Posted:
- MATIC’s whale exercise elevated up to now few weeks.
- In consequence, the token’s market capitalization grew by over 50% within the final three weeks.
Polygon [MATIC] has witnessed a exceptional surge in its worth and market capitalization over the previous few weeks. Whereas the token’s worth traded at worth ranges final noticed in July, its market capitalization has grown by 54% up to now three weeks, in line with a current Santiment tweet.
📈 With #altcoin milestones persevering with to fireside off, #Polygon has steadily risen again to $0.80 and elevated its market cap by +54% in simply 3 weeks. And up to now 2 weeks, the important thing wallets holding 100K-10M $MATIC have supported this rise by accumulating. https://t.co/i7lMmBgRbX pic.twitter.com/dWGXJ8CzOK
— Santiment (@santimentfeed) November 9, 2023
The on-chain knowledge supplier famous that this upward trajectory has acquired vital help from key wallets holding substantial MATIC holdings, starting from 100K to 10M MATIC, which have been actively accumulating the token over the previous two weeks.
Because the twenty eighth of October, this cohort has collected 42.88 million MATIC tokens value round $39.56 million.
Additionally, the depend of every day whale transactions valued above $100,000 has steadily elevated for the reason that month started. Throughout the buying and selling session on the eighth of November, 161 MATIC transactions exceeding $100,000 have been accomplished. This represented the best single-day depend since July.
MATIC bulls are in full management
At press time, the altcoin exchanged fingers at $0.8144, rising by 21% within the final week.
As per AMBCrypto’s evaluation, the bullish nature of the present MATIC market was evident by readings from its Superior Oscillator indicator, which has posted solely inexperienced histogram bars sitting above the zero line since November started.
When an asset’s Superior Oscillator is positioned on this method, it implies that the short-term transferring common is persistently increased than the long-term transferring common (34-period). It additionally means that the asset is in a robust uptrend and that bullish momentum is growing.
Highlighting the robust shopping for strain amongst merchants within the spot market, MATIC’s On-balance quantity (OBV) has maintained an uptrend since 19 October. At 47.89 billion at press time, it has since gone up by 2%.
When an asset OBV climbs, it implies that there are extra traders shopping for the asset than promoting it.
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Additional, MATIC’s Common Directional Index (ADX) at 51.64 at press time indicated that this uptrend is a robust one. When an asset’s ADX is above 50, it signifies that the market pattern is strong and has been sustained over a time frame.
Readings from token’s constructive directional index (inexperienced) and destructive directional index (crimson), confirmed the previous resting above the latter, suggesting that the bears would discover it exhausting to displace the bulls within the brief time period.
Supply: MATIC/USDT on TradingView