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Polygon MATIC Reaches $2 Following 25% Price Rally

Thu, 12/02/2021 - 13:37
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Arman Shirinyan
While Matic reaches a new local high, almost 100% of its holders are now holding in profit
Polygon MATIC Reaches $2 Following 25% Price Rally
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According to data provided by IntoTheBlock, the IOMP indicator shows that almost every single holder of Polygon tokens remains in profit with 99.22% of positions staying open in profit.

Matic's price action

But the idyll on the market could not last any longer, and Matic faced a rapid retrace by losing almost 9% of its value in a matter of minutes. With a strong retrace on the market, 3% of holders that were previously in profit now remain "in the money" or are breaking even.

Matic Daily Chart
Source: TradingView

Matic is currently moving in the local uptrend that began on Nov. 19 and lasting until now. More globally, Matic has been moving in the rangebound since it is the most recent ATH reached on May 18.

Indicator's functionality

The In/Out of money indicator shows the percentage and volume of positions that are trading at a profit, loss or breakeven. A large number of positions in profit is being considered a bullish indicator, while the losing majority is a defective sign for an asset.

IntoTheBlock Data
Source: IntoTheBlock

The indicator is also being used to determine resistance and support zones according to the investor's price action. According to IOMP, the current possible support zone remains in the $1.83-$1.89 zone with an average price of $1.86.

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The strong resistance zone that was confirmed by the price action was also located close to the value of $2.22.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.