Celsius

Overnight

Bull Flag

Show

Polygon

<p>The price of Polygon’s MATIC token has fallen around 15% this week, making it one of the poorest performers among major altcoins. MATIC is currently trading around $0.8, down from highs above $1 in late December. This steep decline seems to be driven in part by whales moving significant funds to centralized exchanges.</p> 
<p><a href="https://x.com/spotonchain/status/1747797355838206439?s=20" target="_blank" rel="nofollow">According</a> to on-chain analytics provider Spot On Chain, Celsius Network recently deposited nearly 26 million MATIC tokens worth over $21 million to Binance and Crypto.com as the price dropped. </p> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="622" src="https://captainaltcoin.com/wp-content/uploads/2024/01/image-525-1024x622.png" alt="" class="wp-image-424018" srcset="https://captainaltcoin.com/wp-content/uploads/2024/01/image-525-1024x622.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-525-300x182.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-525-768x466.png 768w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-525-1536x933.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-525-2048x1243.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-525-247x150.png 247w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-525-100x61.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-525-576x350.png 576w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-525-788x478.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-525.png 1792w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure> 
<p>This movement of funds to exchanges is often viewed as a precursor to selling, as traders seek to liquidate holdings. When major holders sell large portions of their tokens, it can put significant downward pressure on the price.</p> 
<p>Technically, MATIC looks vulnerable to further declines in the short term. Key support sits around $0.72, which aligns with the 4.236 Fibonacci retracement level from the November lows to December highs. There is also technical support around the crucial 200-day moving average near $0.69. If these levels fail to hold, MATIC could easily test the psychological $0.50 level.</p> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="543" src="https://captainaltcoin.com/wp-content/uploads/2024/01/image-526-1024x543.png" alt="" class="wp-image-424026" srcset="https://captainaltcoin.com/wp-content/uploads/2024/01/image-526-1024x543.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-526-300x159.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-526-768x407.png 768w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-526-1536x814.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-526-2048x1086.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-526-283x150.png 283w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-526-100x53.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-526-660x350.png 660w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-526-788x417.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-526.png 1515w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure> 
<p>The relative strength index (RSI), a key momentum indicator, shows MATIC as significantly oversold across all timeframes. RSI levels are ranging between 30-40 on the daily, weekly, and monthly charts. While oversold conditions can persist in bearish markets, MATIC looks poised for at least a minor relief rally once selling pressure subsides.</p>  
<div class="wp-block-rehub-colortitlebox rh-colortitlebox" style="text-align:left;border-radius:5px;box-shadow:0 10px 10px #00000007;background-color:#fafafa;color:">
 <div class="rh-colortitle-inbox" style="background-color:var(--rehub-main-color);color:#fbfbfb;border-radius:5px 5px 0 0">
  <i class="rhicon rhi-bolt-regular rh-colortitlebox-icon" style="color:"></i>
  <div class="rh-colortitle-inbox-label">
   Transform Hundreds Into Millions With the Magic of Memecoins – think $BONK, but bigger!
   <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f92b.png" alt="🤫" class="wp-smiley" style="height: 1em; max-height: 1em;">
  </div>
 </div>
 <div class="rh-colortitlebox-text">
  <style scoped>.rh-toggler-open{height:auto !important}
.rh-toggler-open .rh-tgl-show, .rh-toggler-open .rh-tgl-grad{display:none !important}
.rh-toggler-open .rh-tgl-hide{display:block !important}
.rh-tgl-show, .rh-tgl-hide{cursor:pointer}
.rh-contenttoggler *{box-sizing: border-box !important}
.rh-toggler-wrapper{overflow: hidden;transition: all 0.5s ease; padding-bottom: 35px; margin-bottom:30px;box-sizing: content-box !important;position: relative;}
.rh-toggler-wrapper p:last-of-type {margin-bottom: 0;}</style> 
  <div class="wp-block-rehub-contenttoggler rh-contenttoggler" data-height="100px">
   <div class="rh-toggler-wrapper" style="height:100px"> 
    <p>The key? Getting in early, especially during the IDO phase. <strong><a href="https://captainaltcoin.com/go/ll_inside/" target="_blank">Get in on NuggetRush</a></strong> now! This innovative memecoin blends play-to-earn gaming with real-world gold mining. Join soon to take advantage of the<strong><a href="https://captainaltcoin.com/go/ll_inside/" target="_blank"> current ICO prices</a></strong>!</p> <span class="rh-tgl-trigger" style="text-align:center;position:absolute;z-index:2;bottom:0;left:0;width:100%;color:"><span class="rh-tgl-show" style="display:block">Show more +</span><span class="rh-tgl-hide" style="display:none">Show less –</span></span><span class="rh-tgl-grad" style="background-image:linear-gradient(to bottom,rgba(255,255,255,0) 0,#ffffff 100%);display:block;position:absolute;height:100px;bottom:0;left:0;z-index:1;width:100%"></span>
   </div>
  </div> 
 </div>
</div> 
<p>So, the technical outlook and on-chain activity point to elevated risks for MATIC in the near term. Investors should keep a close eye on the $0.72 support zone and watch for signs of a trend reversal on the higher timeframes. If the whales stop depositing to exchanges, that could mark the end of the current capitulation.</p> 
<p>You may also be interested in:</p> 
<ul> 
 <li><a href="https://captainaltcoin.com/overnight-millionaires-how-4-traders-cashed-in-big-on-this-meme-coin/" target="_blank" rel="noreferrer noopener">Overnight Millionaires: How 4 Traders Cashed In Big On This Meme Coin</a></li> 
 <li><a href="https://captainaltcoin.com/analyst-suggests-solana-sol-could-reach-this-level-following-bull-flag-breakou/" target="_blank" rel="noreferrer noopener">Analyst Suggests Solana (SOL) Could Reach This Level Following Bull Flag Breakout</a></li> 
 <li><a href="https://captainaltcoin.com/is-dogecoin-doge-preparing-for-an-epic-rebound-after-holding-100-day-ma-or-is-this-a-better-alternative-here-are-the-levels-to-watch/" target="_blank" rel="noreferrer noopener">Is Dogecoin ($DOGE) Preparing For An Epic Rebound After Holding 100-Day MA, Or Is This a Better Alternative? Here Are The Levels to Watch</a></li> 
</ul> 
<div class="bigofferblock margincenter mb30 pt20 pl20 pr20 " style=""> 
 <div class="col_wrap_two mb0"> 
  <div class="offerbox_big_wrap flowhidden"> 
   <div class="image position-relative text-center col_item mobileblockdisplay img-maxh-350 img-width-auto"> <a class="re_track_btn" href="https://captainaltcoin.com/go/ll_bottom/" target="_blank" rel="nofollow sponsored"> <img decoding="async" class="lazyload" data-skip-lazy="" data-src="https://captainaltcoin.com/wp-content/uploads/thumbs_dir/Copy-of-P2P-Review-17-qi3pqhl3pi3mlojv8nq0upz5rcb68rblc7kuvhcaou.png" width="500" alt="Check NuggetRush ($NUGX)" src="https://captainaltcoin.com/wp-content/themes/rehub-theme/images/default/blank.gif"> </a> 
   </div> 
   <div class="product-summary col_item mobileblockdisplay"> 
    <h3 class="product_title entry-title font150 lineheight25 mb30" id="a-class-re_track_btn-href-https-captainaltcoin-com-go-ll_bottom-target-_blank-rel-nofollow-sponsored-span-check-nuggetrush-nugx-span-a"> <a class="re_track_btn" href="https://captainaltcoin.com/go/ll_bottom/" target="_blank" rel="nofollow sponsored"> <span>Check NuggetRush ($NUGX)</span> </a> </h3> 
    <div class="rev_disclaimer font70 greencolor lineheight15 mb20">
     Sponsored: Invest Responsibly, Do Your Own Research.
    </div> 
    <div class="buttons_col mb25 rh_big_btn_inline"> 
     <div class="priced_block clearfix"> 
      <div> <a class="re_track_btn btn_offer_block" href="https://captainaltcoin.com/go/ll_bottom/" target="_blank" rel="nofollow sponsored"> Buy NUGX Today </a> 
      </div> 
     </div> 
    </div> 
    <div class="bigofferdesc">
     <i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Being in its <strong>ICO stage</strong>, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices
     <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>A unique <strong>play-to-earn</strong> gaming platform in the memecoin market
     <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>The platform combines artisanal and <strong>gold mining</strong> with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
     <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Fosters a strong <strong>community </strong>by encouraging physical meetups among members
     <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i><strong>NFT</strong> Integration with Prominent Characters
    </div> 
   </div> 
  </div> 
 </div> 
</div> 
<p>The post <a href="https://captainaltcoin.com/polygon-price-under-pressure-as-matic-whales-move-funds-to-exchanges/">Polygon Price Under Pressure as $MATIC Whales Move Funds to Exchanges</a> appeared first on <a href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Polygon Price Under Pressure as $MATIC Whales Move Funds to Exchanges

Table of Contents

CaptainAltcoin

Other articles published on Jan 18, 2024

Kiln earns $17m in funding round for APAC development

VeChain (VET) Weekly Price Prediction

Grayscale LP Flowdesk Secures $50 Million in Series B Funding

Could Tron (TRX) and Cosmos (ATOM) Gains Be Outpaced by Pushd (PUSHD) This Year?

Nancy Rademaker Charts the Future of AI in Keynote Speech at Pendulum Summit

Carrieverse teams up with Internet Computer for content and marketing partnership

Join our free newsletter for daily crypto updates!