Tech

Whale Unstakes 50.27M MATIC, Transfers Half to Binance: Lookonchain

03/10/2023
Bitcoin Ethereum News
  • Lookonchain claims a $MATIC whale unstaked 50.27M $MATIC($53.7M).
  • Reportedly, the whale then transferred 26.5M $MATIC($28.4M) to Binance today.
  • MATIC’s price is underperforming and appears to show little signs of recovery.

Onchain data analysis tool Lookonchain claims a $MATIC whale unstaked 50.27M $MATIC, approximately $53.7 million, and transferred 26.5M $MATIC to Binance earlier today. According to the platform, the whale received 153.4M $MATIC from Binance and Crypto.com between July 6, 2021 and Sept 2, 2022.

Based on the data from crypto market tracking website CoinMarketCap, MATIC is one of the many cryptos trading in the red today. MATIC is currently worth about $1.05 after a 6.55% drop in price over the last 24 hours. The altcoin reached a high of $1.071 and a low of $1.035 over the same time period.

MATIC/USDT 1-hour Chart (Source: Trading View)

As seen in the above chart, MATIC’s price has been falling ever since its Death Cross on the 22 Feb. The current price is now positioned bearishly below the 50-day and 200-day Moving Average (MA). The Relative Strength Index (RSI) is currently at a level of 38.03, indicating that the bearish momentum is still strong and could cause further downside pressure in the upcoming days.

MATIC also weakened against Bitcoin (BTC) by about 4.52% over the last day, and against ETH by about 4.83%. Despite MATIC experiencing a price drop since yesterday, the crypto has managed to make a slight recovery in the past few hours.

MATIC’s 24-hour trading volume is in the green zone and now stands at $597,671,580 after a 19.08% increase since yesterday. In terms of market cap, MATIC stands at $1,032,591,161, which makes it the 9th biggest cryptocurrency in terms of market capitalization. This places it right behind DOGE in the 8th position.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.


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Source: https://coinedition.com/whale-unstakes-50-27m-matic-transfers-half-to-binance-lookonchain/