Binance delisting MATIC/TUSD raises questions, but MATIC remains on Binance with potential market impact.
MATIC’s key support at $0.50 and resistance at $0.54 could determine short-term price movements.
Increased trading volume and neutral RSI suggest a potential breakout for MATIC in the near term
Binance’s recent decision to delist the MATIC/TUSD trading pair has sparked concerns among investors and analysts about its potential impact on Polygon’s price. While the delisting of this specific pair does not signify the complete removal of MATIC from Binance, it does raise questions about how this change might affect the coin’s market dynamics and price movements.
As of press time, Polygon (MATIC) is trading at $0.5287, reflecting a modest gain of 0.45% over the past 24 hours. The coin is facing critical support and resistance levels that could influence its short-term performance.
The primary support level stands at $0.52, a price point that has consistently acted as a reliable floor for MATIC. This level has been tested multiple times, and each time, it has helped stabilize the price and enable rebounds.
There is another level of support at $0.50, which many investors consider a psychological level. Sustaining above this level is crucial to maintaining positive market sentiment. If MATIC falls below $0.50, it may signal a more bearish trend.
Conversely, MATIC faces resistance at $0.54, a level the coin has struggled to breach. Overcoming this resistance could indicate a bullish trend and potential upward movement. Additionally, the $0.56 mark represents another resistance point. Surpassing this could lead to an extended bullish phase.
In the last 24 hours, MATIC has seen a trading volume of $315,359,687, a 45.56% increase. This uptick in trading volume may signal that traders are preparing for potential price changes. The volume-to-market-cap ratio currently stands at 6.04%, confirming that a significant proportion of the overall market cap is turning over.
Polygon’s market cap stands at $5,232,743,562, placing it 21st in the cryptocurrency rankings. This substantial market cap underscores its significance in the crypto space. However, the recent increase in trading volume and the current technical indicators suggest a possible breakout.
MATIC/USD 1-day price chart, Source: Trading viewThe 1-day Relative Strength Index (RSI) of 46.80 proves that trading sentiment of MATIC is quite neutral which means that it is not oversold or overbought. On the other hand, the 1-day Moving Average Convergence Divergence (MACD) is trading above the signal line, suggesting a short-term uptrend.
The post Binance Removes MATIC/TUSD Pair: Analyzing the Impact on Polygon (MATIC) Price appeared first on Coin Edition.
