MATIC Drop Under Crucial Support Level Cause Price Fall: Crypto trader and analyst Ali Martinez has shared with his followers the negative situation that is happening with Polygon’s MATIC coin at the moment.
MATIC Drop Under Crucial Support Level Cause Price Fall
MATIC sell-off is dangerously close
MATIC Drop Under Crucial Support Level Cause Price Fall: He pointed out that the coin has broken below the crucial support level of $1.04 and stated that it needs to be taken back fast. If it does not happen soon, the analyst continues, a panic sell-off may take place as this is the level when 21,530 wallets may begin dumping the 4.21 billion MATIC they hold.
These wallets had bought this crypto between the levels of $0.99 and $1.07.
Polygon dipped below critical support! $MATIC needs to reclaim $1.04 as support as soon as possible! The upswing is needed to prevent 21,530 addresses from panic selling a big portion of the 4.21 billion #MATIC they bought between $0.99 and $1.07.
Whale sells millions of MATIC
MATIC Drop Under Crucial Support Level Cause Price Fall: Data shared by @lookonchain Smart Money tracker shows that on March 9, an anonymous wallet unstacked 50.3 million MATIC tokens worth $53.7 million and then shifted 26.7 million MATIC to Binance to sell. This took place before the aforementioned drop, when the coin was trading at $1.07 – $1.09.
The same whale, according to @lookonchain, bought 153.4 million MATIC from two major exchanges, including Binance, between early July 2021 and early September 2022 at an average price of $1.16. Therefore, this whale has sold one-third of his MATIC at a loss now.
121 million MATIC stored by ETH whales
MATIC Drop Under Crucial Support Level Cause Price Fall: WhaleStats crypto tracker has shared that around 7 hours ago, a whale called “Dwalin”, apparently taking his name after one of the main characters of the iconic novel “The Hobbit” by J.R.R. Tolkien, bought 5,401,623 MATIC.
This stash of Polygon’s tokens was the equivalent of $5,339,174 at the time of the purchase. Overall, according to WhaleStats, the largest 100 wallets on Ethereum are now holding a massive amount of MATIC – 121,792,331 tokens worth $150,251,240 in total.
This is 2.98 percent of their comprised portfolio. The leader here so far is Shiba Inu, though. The whales are holding $601,204,724 worth of this popular canine cryptocurrency – 11.94 percent of their combined portfolio.
MATIC Drop Under Crucial Support Level Cause Price Fall: Polygon is an enterprise-ready blockchain platform that has emerged as the go-to solution for a growing number of businesses and development teams. With its scalable architecture, fast and low-cost transactions, and growing ecosystem, Polygon is the ideal platform for entrepreneurs, developers, and businesses alike to build and launch their blockchain solutions.
Polygon (MATIC) on the verge of Breakout as Covo Finance’s Addition to its Ecosystem Sparks Optimism
MATIC Drop Under Crucial Support Level Cause Price Fall: Polygon (MATIC) is a Layer 2 scaling solution for Ethereum designed to improve the speed, scalability, and usability of the Ethereum network. As more innovative DeFi projects like Covo Finance move to the Polygon network, the value of the MATIC token is expected to increase significantly.
Covo Finance is a decentralized exchange and liquidity pool that aims to revolutionize the world of crypto leverage trading. Built on the Polygon network, Covo Finance offers fast, secure, and low-fee trading solutions for DeFi traders and investors with up to 50x leverage. The platform’s innovative liquidity pools and focus on safeguarding users’ funds make it a popular choice among those looking to maximize their profits while minimizing risks.
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