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Is Polygon (MATIC) Price About to Explode? Market Delivers Hidden Data

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Wed, 29/11/2023 - 11:40
Is Polygon (MATIC) Price About to Explode? Market Delivers Hidden Data
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The Polygon (MATIC) market has been presenting some intriguing signs that have caught the eye of vigilant investors. Recent activities suggest that there has been a silent accumulation of MATIC over the past two weeks, which often precedes significant price movement. With the price ranging during this period, the underlying question is whether MATIC is gearing up for an explosive move.

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The price chart reveals that MATIC has indeed experienced a reversal after an unexpected and critical 21% drop. The market's response to this drop is crucial to understanding the future trajectory. Typically, after such a decline, savvy investors look for signs of accumulation as an indicator of potential upward momentum. This is due to the common market adage that "volume precedes price," suggesting that if accumulation is occurring, a price surge may be imminent.

MATICUSDT
MATIC/USDT Chart by TradingView

An increase in volume accompanying the price range could indicate that investors are seeing value at these levels and are stepping in to buy, potentially setting the stage for a bullish trend. As seen on the daily MATIC/USDT chart, the volume profile is descending, which hints at a potential trend reversal in the foreseeable future.

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Furthermore, technical analysts will be watching for a confirmed breakthrough on the charts. This would involve MATIC closing above a key resistance level on increased volume, which would lend credence to the theory that an explosive price movement is on the horizon. 

The type of breakthrough — whether it is on the back of high volume or during a low volume consolidation period — will be key in predicting the strength and sustainability of any upward price action.

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