Polygon price is up today as traders assess the appointment of a new CEO and amid surging whale activity ahead of a key network update.
Altcoin Watch
Polygon (MATIC) price is up today, mirroring upside moves elsewhere in the cryptocurrency market as traders assess a mix of fundamental factors.
On July 11, the MATIC price rose 2.32% to $0.75, its highest level in a month — outperforming the crypto market, whose valuation stayed relatively unchanged from the previous day at around $1.14 trillion.
New CEO, Polygon’s ‘decentralized governance’ plans
MATIC’s intraday gains come as a part of a broader price jump that started after Polygon appointed its former chief legal office, Marc Boiron, as the new chief executive officer (CEO) on July 7. Since then, MATIC/USD has gained nearly 15%.
Boiron’s appointment comes more than a month after the U.S. Securities and Exchange Commission (SEC) argued that MATIC is a “security” in its lawsuits against Binance and Coinbase.
Meanwhile, the price gains also appear as Polygon prepares to implement a sequence of network upgrades as a part of its “Polygon 2.0” overhaul. Namely, the establishment of a “decentralized governance” protocol by July 17.
MATIC whales get bigger
MATIC’s price rally on July 11 succeeds a period of strong whale accumulation.
For instance, the supply of MATIC held by entities with balance between 10 million and 100 million tokens has increased by more than 1% in July so far.
That coincides with a drop in the supply held by the 1 million-10 million MATIC cohort. In other words, some whales from the 1 million-10 million MATIC cohort accumulated tokens in July and became part of the 10 million-100 million MATIC cohort.
MATIC’s July outlook
From a technical perspective, MATIC looks prepared to undergo sharp price declines in July.
As of July 11, the Polygon token was testing a resistance confluence comprising its 50-day exponential moving average (50-day EMA; the red wave), a support-turned-resistance horizontal trendline, and an ascending trendline constituting a potential bear flag pattern.
A pullback from the resistance confluence risks sending the price toward the flag’s lower trendline near $0.68 in July, down about 10% from current price levels.
Related: Polygon 2.0 introduces upgrades to tap into ‘Value Layer’ of internet
Moreover, a close below the lower trendline will increase the potential of triggering a bear flag breakdown scenario. This means a downside target of around $0.50 in July, down nearly 30% from current price levels.
On the other hand, a decisive close above the flag’s upper trendline could weaken MATIC’s bearish prospects, enabling an extended run-up toward the 200-day EMA (the blue wave) near $0.90. In other words, a 20% rally by July.
Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
