- Binance has announced that it will delist MATIC and list POL.
Polygon’s native token is set for trend reversal, on-chain activities show.
As a seasoned researcher with years of experience in the cryptocurrency market, I find myself constantly intrigued by the ebb and flow of digital assets. The recent announcement by Binance to delist MATIC and list POL has certainly piqued my interest.
On August 28th, Binance (BNB) exchange announced that they would remove Polygon’s MATIC token from their platform and instead list a new token called POL. This was the announcement they made regarding the change.
“Starting from a specific date, Binance will remove all current Matic trading pairs such as MATIC/BNB, MATIC/BRL, MATIC/BTC, MATIC/ETH, MATIC/EUR, MATIC/FDUSD, MATIC/JPY, MATIC/TRY, MATIC/USDC, and MATIC/USDT. All outstanding Matic spot trading orders will also be terminated.”
Following the removal of the listing, all outstanding trades will be automatically voided, and all bot-related services will temporarily halt. A fresh trading opportunity for the POL token begins on the 13th of September.
For a seamless changeover, Binance will temporarily halt MATIC deposits and withdrawals starting from the 10th of September.
Price charts not favoring MATIC?
Despite the news, the market appears unresponsive. In fact, MATIC plunged significantly, reaching $0.433 by press time, representing a 2.84% drop over the last 24 hours.
Additionally, over the past seven days, MATIC dropped by 16.74%.
Looking at the bigger picture, MATIC has been on a downtrend for an extended period, starting from when the broader cryptocurrency market faced a pullback in March, as reported by Santiment.
Currently, it appears that the altcoin is ready for a turnaround. This prediction comes from Santiment who points to increasing on-chain activity as evidence. Specifically, they note the surge in active addresses and the awakening of dormant coins, suggesting a potential change in direction soon.
Even though prices were dropping, there was still a generally optimistic feeling in the market. To start with, the Chaikin Money Flow (CMF) stood at 0.07 positively, indicating an increase in purchasing actions.
In other words, the surge in demand suggests that the lower prices created an attractive purchasing chance, which could lead to a turnaround in the trend.
Read Polygon’s [MATIC] Price Prediction 2024–2025
This idea gained more strength due to a favorable Open Interest Weighted Funding rate over the last 24 hours. In essence, this has led numerous investors to place wagers on rising prices, consequently boosting the need for long-term investment positions.
With investors going long, this is a bullish market sentiment.
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2024-08-29 15:35