MATIC Price Plummets to New Lows as Binance Delisting Sparks Massive Sell-Off

MATIC price dropped to $0.50, a new 2023 low, after Binance said it would delist Polygon from its NFT Marketplace.
On-chain data shows exchange inflows of 41 million MATIC could increase bearish pressure.
Whale investors holding 10M-100M tokens have offloaded 31.4M tokens worth $15.7M since Sept 2.
If selling continues, MATIC may freefall to $0.32, where 24,500 addresses bought 183.4M tokens.
For a rebound, MATIC must break past $1 resistance where 58,000 addresses hold 4.1B tokens.

beincrypto.com

Relevant topic timeline:

8/22/2023

Polygon (MATIC) Price Enters Danger Zone - Key Indicators Suggest Another 20% Drop

Polygon (MATIC) price has dropped to its lowest point since July 2022 due to a decline in Polygon's network growth and the emergence of newer Layer-2 networks, which may push the price deeper into a danger zone below $0.50.

8/24/2023

Binance's Ether Futures See Lowest Open Interest Since July 2022

The value of the U.S. dollar locked in active ether perpetual futures contracts on Binance has dropped to its lowest level in 13 months, indicating a decline in leverage and lower probability of liquidations-driven volatility in the coming weeks.

8/28/2023

Bitcoin Slumps Under $26K as Bearish Outlook Engulfs Crypto Market

Bitcoin (BTC) dropped below $26,000 as bearish sentiment and lack of new catalysts weighed on the market, with major tokens like XRP, ADA, and SOL also experiencing a downtrend, while traditional markets saw gains.

9/14/2023

Analyst Warns Ethereum Faces Potential Major Crash After Failing to Break Out Above $2,000 Resistance

Crypto analyst Nicholas Merten believes Ethereum is likely to experience a significant price drop, with the possibility of it reaching as low as $300 to $500.

10/10/2023

Polygon Faces Headwinds as MATIC Price Struggles Despite Polygon 2.0 Launch

Polygon's native token (MATIC) experienced a rally followed by a decline due to resistance at $0.60, negative news regarding a co-founder's departure, and weak activity in its zero-knowledge rollup subnet, impacting its performance and creating stiff competition from other scaling solutions.

Topics

Posted 9/11/2023, 8:30:00 PM