Polygon (MATIC) Might Break This Adoption News Resistance?

Polygon (MATIC) news: Contrary to its 2022 technological advancements and price increases, the recent rally since the beginning of January 2023 has not been so fruitful for Polygon (MATIC). Although the altcoin has risen significantly in price since the new year, it still falls short compared to other cryptocurrencies. 2022 is proving to be an extraordinary year for Polygon, with several successful partnerships and advances in development. However, if the cryptocurrency rally continues, it is speculated that the MATIC price could recover in the coming weeks.

READ ALSO: Shiba Inu Developer Hints at Completion of Shibarium Beta Launch

Game platform migrated to Polygon Network

Most recently, web 3.0-based gaming platform Fractal said it was expanding to the Polygon network. The extension will allow access to Fractal-based Mints, Tournaments, Marketplaces and Workshops on Polygon. Meanwhile, MATIC has yet to break above the $1.30 resistance of the current range. According to Crypto Banter, the altcoin is currently trading between mid-to-high levels and MATIC has the potential to break above the resistance level. According to the CoinGape price tracker, MATIC was priced at $0.999895 at the time of writing, up nearly 1% over the past 24 hours.

On the other hand, data from Santiment Insights suggests that a bull trap could be forming under current conditions. As prices rose, whale selling activity suggested a possible bull trap. In the case of Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC), the number of addresses holding large amounts of assets is down, while the price is up. This could mean that whales sell their holdings when prices rise.

Also read: Why Bitcoin (BTC) Could Be Under Selling Pressure, Hold or Sell?

Information source: compiled by 0x information from COINGAPE.Copyright belongs to the author, without permission, may not be reproduced

Related Posts

Ethereum bears in action, 100 SMA key to recovery

Ethereum is struggling to clear the $1,560 and $1,580 resistance levels. The price is trading below $1,580 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $1,560 on the hourly chart of ETH/USD…
Read More