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Crypto whales transfer USDT

This Unknown $20 Million Transfer In MATIC Caused A Price Drop?

Samuel Edyme
by Samuel Edyme
2 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

According to on-chain analysis data released today by Blockchain service Lookonchain, a Polygon whale moved considerable funds in this network’s native token MATIC. The funds were sent to trading venues, thus making the price of the token drop by nearly 6%. The unknown whale wallet transferred $10.43 million in MATIC to another unknown wallet in the Binance exchange.

Two weeks ago, on January 16, the same Polygon whale wallet transferred a similar amount in MATIC to an unknown wallet to Binance, thus causing the coin’s value to plunge by 8%.   

Is The Price Of MATIC In Danger?

In digital assets, the term “whale” indicates ownership of crypto coins in huge quantities. Although crypto whale transfers don’t guarantee immediate downside price action, they can be a good indicator of what might occur to the value of specific cryptocurrencies in the future.

The MATIC whale’s transfer from a personal wallet to an exchange suggests the investor is preparing to liquidate the assets. Polygon whales were not the only ones who transferred significant funds this month. Whale Alert, a Blockchain platform that tracks the activities of crypto whales, on January 20, identified whales that suddenly moved over $363 million in Bitcoin and XRP after BTC surged its value to the $21,000 level.

The 2022 bear market continues despite the spike in positive market sentiment. Despite the bullish trend since the beginning of 2023, cryptocurrencies could still see price consolidation and fresh crashes to support levels. 

Related Reading: Top 5 Cryptos To Watch In The 1st Week Of February – BTC, APT, FTM, AVAX, MATIC

MATIC Price Action

At the time of writing, Polygon was trading at $1.1, down 5.11%, with a trading volume of $530 million in the last 24 hours. With a market cap of $9 billion today, MATIC was ranked the 10th largest cryptocurrency, according to Coinmarketcap.

The MATIC chart shows that the RSI is 63.76, meaning MATIC is in the bull territory. 

MATICUSDT price chart on TradingView
MATIC price is moving sideways on the 4-hour chart. Source: MATIC/USDT on TradingView.com

However, the Bollinger band shows that the crypto price is mean reverting, which signals a weakening bullish trend. This indicates MATIC is in the consolidation phase, meaning the token lacks buying interest. The outer bands appear to try to widen as the price moves, showing that volatility may increase as the price seems to have the potential to move down strongly.

Related Reading: Polygon Rises 3% In Last 24 Hours As Whales Buy MATIC

As per the chart, if MATIC rallies in the next few days, it may soar its value to the resistance level of $1.2. However, if the crypto retreats its price, it may rest at the support level of $0.7, as shown in the chart.

Featured image from Unsplash, chart from TradingView                                
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Samuel Edyme

Samuel Edyme

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Edyme is a writer, a content writer that specialises in writing about the crypto realm. Asides Bitcoinist and NewsBTC, Edyme's writing has been featured in top sites such as Blockchain.News, CoinMonk, Blockchain Reporter, Bitcoin Insider among others.

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