55 mln MATIC tokens head to Coinbase: What now?
Journalist
Posted:
- Thousands and thousands of MATIC have been despatched to Coinbase, however the token resisted a nosedive.
- If shopping for momentum heightens and circulation follows, MATIC could hit $1.
In three separate posts on X (previously Twitter), Whale Alert disclosed that over 55 million Polygon [MATIC] tokens have been despatched to the Coinbase [COIN] alternate. The whale monitoring deal with famous that the transfers have been from unknown addresses.
🚨 19,896,435 #MATIC (16,443,201 USD) transferred from unknown pockets to #Coinbasehttps://t.co/dCSA4N6H3m
— Whale Alert (@whale_alert) November 12, 2023
Nevertheless, the massive quantity and fast succession by which the tokens have been despatched referred to as for concern. Often, when tokens are despatched from exterior sources into exchanges, there’s a excessive likelihood that the intention is to promote.
🚨 17,655,976 #MATIC (14,591,597 USD) transferred from unknown pockets to #Coinbasehttps://t.co/SlO3MwhixI
— Whale Alert (@whale_alert) November 12, 2023
No strain can pull MATIC down
Moreover, when it’s a big quantity, the sell-offs (if ultimately accomplished), have an effect on the value negatively. For MATIC, the transactions haven’t been capable of pull down the value. On the time of writing, CoinMarketCap confirmed that the token exchanged arms at $0.83.
This worth represented a 3.09% improve within the final 24 hours and a 63.25% hike throughout the final 30 days. MATIC’s motion was just like that of numerous altcoins, which have been heading within the upward route.
However for the token, there was numerous whale exercise on the Polygon community even prior to now. In reality, AMBCrypto mentioned how the leap in whale accumulation translated right into a surge within the token value.
Utilizing the one-hour MATIC/USD chart, the rising value from $0.78 within the early hours of the twelfth of November indicated that there was extra shopping for energy than the potential sell-offs. This was additionally evident within the Accumulation/Distribution (A/D) indicator.
The A/D line hit 1.34 billion, suggesting a powerful upward breakout for MATIC. At press time, there was a slight decline within the token worth as a result of a gentle distribution.
Nevertheless, if the promote orders solely final for a brief interval, and accumulation takes over, MATIC hitting $0.90 won’t be out of query.
Supply: TradingView
MATIC targets a brand new excessive
In addition to the A/D, the Transferring Common Convergence Divergence (MACD) has additionally crossed over into the constructive area. This motion alerts rising upward momentum, confirming the indications proven by the A/D.
Relating to circulation, AMBCrypto’s on-chain evaluation on Santiment confirmed that there was a surge in MATIC tokens used between the fifth to the ninth of November. An in depth have a look at the value motion confirmed that MATIC jumped from $0.69 to $0.85 throughout this timeframe.
Learn Polygon’s [MATIC] Value Prediction 2023-2024
This was not a case of tokens being launched into the circulating provide. So, there was no likelihood for the worth of MATIC to lower contemplating the widespread shopping for available in the market. After that, circulation dropped.
Supply: Santiment
However as of this writing, the variety of MATIC circulating on the Polygon community had elevated to 119.96 million. Mixed with the continuing accumulation, if the circulation will get again to 9 November ranges, a trip to $1 could also be on the desk for MATIC.
