A cryptocurrency whale recently transferred 6,999,890 Polygon (MATIC) tokens worth approximately $5,895,339 from Binance to an unknown wallet.
Key Takeaways
- A cryptocurrency whale moved 6,999,890 MATIC tokens, worth approximately $5,895,339, from Binance to an unknown wallet, according to Whale Alert.
- MATIC’s price had experienced a 24-hour gain of 1.51%, with its value at $0.8312 at the time of reporting.
- The whale’s decision to transfer a significant amount of MATIC tokens out of Binance could indicate an intent to hold rather than sell, potentially reducing selling pressure on the asset.
- MATIC’s total trading volume increased by more than 58% over the past 24 hours, reaching over $819.37 million.
MATIC Whale Transfers 6+ Million Tokens
A notable cryptocurrency whale recently moved 6,999,890 MATIC tokens from Binance to an undisclosed wallet, as reported by Whale Alert.
MATIC Whale Pulls 6+ Million Tokens off of Binance: On-Chain Data#CoinEdition #Polygon #Price_Analysis #MarketNews https://t.co/CGhNdYbnmu
— Coin Edition (@CoinEdition) November 10, 2023
MATIC’s price experienced a 1.51% gain in the past 24 hours, reaching $0.8312. This positive performance contributed to a weekly increase of over 25%.
The whale’s decision to transfer a substantial amount of MATIC tokens without selling them suggests reduced selling pressure on MATIC, potentially leading to short-term price gains.
Increased Trading Volume
CoinMarketCap data indicates that MATIC’s daily trading volume surged by more than 58% over the past 24 hours, surpassing $819.37 million.
MATIC was striving to break the $0.85 resistance level, with a potential target of $1.0785. However, failure to close above $0.85 in the next 48 hours could result in a pullback to the immediate support level, potentially around $0.6830.
To Conclude
MATIC was attempting to break through the $0.85 resistance level, with the potential to reach $1.0785, but failure to close above $0.85 could result in a pullback to the immediate support level around $0.6830.
