Ethereum whales diversify to MATIC as altcoin integrates proof-of-stake mainnet with FTX

  • As Ethereum price drops below $3,000, whales diversify to altcoins like MATIC in their portfolio. 
  • MATIC launched its staking program on Bitfinex, offering 90 million tokens to its staking program. 
  • Analysts believe that MATIC has executed a classic bull trap, posting massive corrections after minor recovery. 

Ethereum whales are adding altcoins to diversify their portfolio. Analysts are bullish on MATIC price recovery and predict a trend reversal in the altcoin. 

Analysts believe MATIC price trend presents bull trap for traders

The cryptocurrency market suffered a bloodbath today. MATIC price posted 13% losses overnight. The altcoin launched its staking program on Bitfinex, offering the exchange 90 million tokens. Proponents expected a bullish impact on MATIC price after the launch of the staking program. 

MATIC network has integrated the proof-of-stake mainnet with FTX. Users can now deposit and withdraw the altcoin on either chain. Therefore, the Polygon network hit two significant milestones with the launch of staking on FTX. 

@Trader_XO, a pseudonymous cryptocurrency analyst evaluated the MATIC price trend and predicted a spike in the altcoin’s price. The analyst believes that there is only one direction for the altcoin’s price, and that is upward. 

@BitQueenBR, a crypto analyst and trader, believes that MATIC price is approaching a trendline that has been respected since 2021. The analyst believes that breaking down the trendline could fuel a bullish narrative; however, if MATIC price breaks previous higher low, the downtrend could continue. 

Analysts argue that MATIC price has set a bull trap for traders and expects recovery from altcoin’s price. 

FXStreet analysts believe that MATIC price could fall below critical support. This could drive the altcoin to $1.7, continuing the downtrend.