MATIC Price Dips After Binance Delisting
MATIC price reached a new low of $0.50 following Binance’s announcement that it would delist Polygon Network from its NFT Marketplace. This decision has led to an influx of MATIC tokens into exchanges, putting bearish pressure on the price. On-chain data reveals that the number of MATIC tokens held in exchange wallets has increased by 41 million since the delisting announcement, with 3.5 million of those tokens deposited after the announcement. The recent selling activity by whales, who hold significant amounts of MATIC, has also impacted the market. If this trend continues, MATIC holders may experience further downside.
MATIC Price Prediction: Potential Free Fall
If MATIC loses the $0.50 support level, it could experience a free fall towards $0.32, which is the next significant support level. Data on the purchase price distribution of current MATIC holders indicates that this level has a large number of addresses associated with it. However, if these holders buy more tokens to cover their positions, the price could rebound. On the other hand, if bearish sentiment persists, MATIC’s price may drop towards $0.32. Breaking through the resistance level at $1 could lead to a potential price increase, but it would require surpassing the largest cluster of MATIC holders.
Hot Take: MATIC Faces Bearish Pressure After Binance Delisting
The recent delisting of Polygon Network from Binance’s NFT Marketplace has had a negative impact on MATIC price. The influx of tokens into exchanges and the selling activity of whales have intensified bearish pressure. MATIC holders are bracing for further downside, with the potential for the price to fall towards $0.32. However, if holders buy more tokens to cover their positions, there is a chance for a rebound. Breaking through the resistance level at $1 could lead to a significant price increase. The future of MATIC remains uncertain as it navigates these challenges.
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