The value of Polygon (MATIC) has experienced a downturn after reaching its peak at $0.88 last week. The overall decline of 9% has raised concerns among investors, leading to a prevailing pessimistic sentiment surrounding the future trajectory of the Polygon cryptocurrency.
The current bearish trend zone suggests that an immediate upswing is unlikely. The price, currently trading at $0.81, faces challenges in breaking away from the bearish momentum. In this scenario, the market may continue to decline, potentially testing the next support level at around $0.75.
A potential indicator of a positive shift would be a break above the resistance trendline, signaling a potential increase in the price of Polygon. However, the altcoin is expected to undergo a period of consolidation in the short term, awaiting support from buyers near the identified support level.
#Celsius Network deposited 25.75M $MATIC ($21.26M) to CEX at $0.826 on avg in the past 8 hours as the price dropped:
• 22.73M $MATIC ($18.79M) to #Binance
• 3.02M $MATIC ($2.47M) to #CryptocomCurrently, Celsius Network still holds 34.09M $MATIC ($27.56M) in the address.
To… pic.twitter.com/IxRCedTH7V
— Spot On Chain (@spotonchain) January 18, 2024
Recent Notable MATIC Transfer To Monitor
Recent data from spotonchain revealed significant deposits of MATIC by Celsius Network to various exchanges, contributing to a more than 3% drop in the price.
Notably, 25.75M $MATIC ($21.26M) was deposited to CEX at an average price of $0.826, with the majority being sent to Binance (22.73M $MATIC, $18.79M) and Cryptocom (3.02M $MATIC, $2.47M). Celsius Network maintains a remaining balance of 34.09M $MATIC ($27.56M) in the address.
Investors and analysts closely monitor these movements, with the expectation that market dynamics and buyer support will play a crucial role in determining Polygon’s future price action.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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