Polygon Price Risks Plunge With 90 Million MATIC Tokens Selling At $0.5
2024年8月2日 - 8:00PM
NEWSBTC
Polygon (MATIC) recently broke below the crucial support level at
$0.5 and is at risk of further price declines. This price drop is
thanks to several traders who offloaded their tokens as soon as
Polygon reached this support level amid the downtrend in the
broader crypto market. Polygon Faces Significant Selling Pressure
The Exchange-Onchain Market Depth indicator on the market
intelligence platform IntoTheBlock shows that Polygon is currently
facing significant selling pressure. Over 90 million tokens were
sold after the coin hit $0.5. This indicator tracks the order books
of the top 20 exchanges and shows the average price at which
traders are looking to buy and sell the token. Related
Reading: Market Experts Update Ethereum Predictions: Is A 1,400%
Rally To $50,000 Possible? Polygon bulls could not defend the
crucial support level of $0.5 as further data from IntoTheBlock
shows that just over 55 million tokens were bought at an average
bid price of $0.49. Meanwhile, Polygon is at risk of further price
declines, with data from IntoTheBlock showing that the sell orders
continue to outweigh the buy orders. The silver lining amid
this wave of sell-offs is that Polygon whales look to have
maintained their confidence in the MATIC token and have taken
advantage of this price dip to accumulate more tokens. Data from
IntoTheBlock shows that large holders’ net flows have increased by
over 1,700% in the last seven days, indicating accumulation among
these investors. Only 3% of Polygon holders are currently in
the money, which could lead to further price drops for the crypto
token. If the crypto token doesn’t rebound soon enough, the 96% of
investors currently at a loss could cut their losses at some point,
thereby triggering another wave of sell-offs for MATIC. Thanks to
its bearish price action, Polygon recently dropped out of the top
20 crypto rankings by market cap. Data from CoinMarketCap shows
that it is currently the twenty-first largest crypto token by
market cap, behind Litecoin. Market Conditions Not Making It
Easier For MATIC The current conditions in the broader crypto
market have also contributed to Polygon’s recent decline. Bitcoin
recently dropped to as low as $63,500 from $69,000, dragging
altcoins down in the process. Tokens like MATIC have suffered more
significant price drops because of their strong positive price
correlation with Bitcoin. Related Reading: Why Did This Crypto
Whale Spend $400 Million Buying Bitcoin Yesterday? The flagship
crypto has experienced this price decline thanks to the rising
tensions in the Middle East, with Iran and Israel at the forefront.
However, the market is expected to pick up again soon enough,
meaning that tokens like MATIC could enjoy a massive rebound sooner
rather than later. The first goal will be for the crypto token to
reclaim the crucial support level at $0.5. At the time of
writing, Polygon is trading at around $0.48, down almost 2% in the
last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
Polygon (COIN:MATICUSD)
過去 株価チャート
から 7 2024 まで 8 2024
Polygon (COIN:MATICUSD)
過去 株価チャート
から 8 2023 まで 8 2024