Large Whale Transfer Causes Polygon (MATIC) To Drop Below $0.80

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Large Whale Transfer Causes Polygon (MATIC) To Drop Below $0.80
  • Santiment recently tweeted that a whale transferred $95 million worth of MATIC to Binance.
  • The transfer was followed by MATIC dropping below $0.80 for the first time since January.
  • At press time, the altcoin’s price was back above the $0.80 mark at $0.8087.

The blockchain intelligence firm Santiment noted in a tweet published earlier today that a whale recently transferred $95 million worth of Polygon (MATIC) to Binance. According to the post, this transfer resulted in the altcoin’s price dropping below $0.80 for the first time since 6 January 2023.

Since then, MATIC’s price has recovered to above the key $0.80 mark. At press time, CoinMarketCap indicated that the Layer-2 crypto was changing hands at $0.8087. Despite the recovery, MATIC’s 24-hour and weekly performances remained in the red. The altcoin’s price was down 2.85% over the past 24 hours and more than 8% over the last 7 days.

The two market leaders Bitcoin (BTC) and Ethereum (ETH) had also outperformed MATIC over the past 24 hours. As a result, the crypto was down more than 7% against BTC and almost 6% against ETH at press time. MATIC was also trading closer to its 24-hour low of $0.7937 than its daily high at $0.8332.

Daily chart for MATIC/USDT (Source: TradingView)

From a technical perspective, MATIC had broken below the key support level at $0.84670 on Monday – ultimately flipping the level into resistance. Bears then looked to break below the next major support level at $0.78147 during yesterday’s trading session, but the altcoin’s price was able to rebound to trade at its press time level.

If MATIC’s price is able to reclaim a position back above the aforementioned $0.84670 mark within the next 24 hours, then it will look to climb to $0.91722 in the following few days. Conversely, the altcoin’s price closing the next 2 daily trading sessions below $0.91722 will put it at risk of retesting the $0.78147 support soon.

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