Giant Binance whale is preparing for this altcoin
In the last 26 hours, a giant whale deposited an amount of 10.78 million MATIC to the Binance exchange. This transfer was worth approximately $5.5 million. Investing such large sums in the stock market is usually a sign of selling or buying. In the cryptocurrency community, whale movements serve as a thermometer for the market.
Sharp drop in MATIC price
Immediately after this huge transfer, the MATIC price dropped by 3%. Investors and analysts know that such movements often herald major price movements. However, there is no clear information about whether this decline will continue or how long it will last.
Latest situation in Binance whale’s wallet
Currently, the giant whale has only 2.72 million MATIC left in its account. This amount corresponds to approximately 1.37 million dollars. This indicates that the whale may have made a large selling transaction. Or he may be planning a big sale soon.
What’s next for MATIC: Technical analysis
If Bitcoin recovers from recent losses, Polygon has reached an excellent position for swing traders. MATIC prices have traded between $0.50 and $0.54 on Binance in the last two weeks. Meanwhile, BTC finally gave up on the $26.4K support and extended the pullback to the lowest range as expected. BTC’s narrow consolidation in the lower range is likely as players await the SEC’s possible green light for an Ethereum ETF in October.
From a technical perspective, MATIC’s price action since September 10 has pointed to a parallel channel, orange. The low range was aligned with the H4 bullish order block (OB) of $0.505 – $0.512 (blue). This strengthens the region as a bullish zone. Sales on Binance support the downward momentum.
Therefore, a strong recovery is likely in the lower range, especially if BTC does not fall below the $25.8K low range. Critical resistances for Binance bulls are the mid-range at $0.5260 and the 50-EMA (Exponential Moving Average) range at $0.5245. A move above the mid-range could set MATIC towards the range high ($0.5460). However, the fact that the RSI has remained in the low range since September 21 underlines that the selling pressure that intensified in the same period may delay the recovery. Any breach below the low range will threaten the altcoin price to $0.49 or $0.45.
To be informed about the latest developments, follow us twitter‘in, Facebookin and InstagramFollow on . Telegram And YouTube Join our channel!