Warning From Analyst: “This Altcoin Has Dropped Below Critical Support Level!”

Cryptocurrency trader and analyst Ali Martinez is currently Polygon (MATIC) He shared the negative situation in coin with his followers.

Ali Martinez Comments on Polygon (MATIC) Altcoin

He pointed out that the coin has fallen below the key support level of $1.04 and stated that this level needs to be recovered quickly. According to the analyst, if that doesn’t happen soon, a panic sell-off could ensue as 21,530 wallets are at the level where they could start draining the 4.21 billion MATIC they hold.

These wallets bought the MATIC altcoin between $0.99 and $1.07.

#polygon dipped below critical support! 😱$MATIC needs to reclaim $1.04 as support as soon as possible! The upswing is needed to prevent 21,530 addresses from panic selling a big portion of the 4.21 billion #MATIC they bought between $0.99 and $1.07. pic.twitter.com/TapDrhLnuO

— Ali (@ali_charts) March 10, 2023

Data shared by the lookonchain Smart Money tracker shows that on March 9, an anonymous wallet unstaked 50.3 million MATIC tokens worth $53.7 million, then moved 26.7 million MATIC to Binance for sale. This transaction occurred while the coin was trading between $1.07 – $1.09 prior to the aforementioned drop.

According to lookonchain, the same whale purchased 153.4 million MATIC from two major exchanges, including Binance, between early July 2021 and early September 2022, at an average price of $1.16. Therefore, this whale has now sold a third of its MATIC at a loss.

MATIC, one of the many altcoins that fell with the big drop in the crypto money market, is trading at $ 1.02 at the time of this writing. The MATIC token fell to $ 0.94 during the day.

A large number of negative news that emerged yesterday caused sudden decreases in Bitcoin (BTC), which was also reflected in other altcoins.

*Not investment advice.