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Binance’s Most Infamous IEO Now Listed at Justin Sun’s Poloniex Exchange

Matic Network

Poloniex Exchange adds support for Matic Network (Matic Network) as it adds trading pairs w.r.t BTC, USDT (Tether) and Tron [TRX].

The exchange also announced a bounty program to kick-start the listing. Tweet from Poloniex Exchange notes,

We’re giving away 100,000 $MATIC to the first 100 customers who deposit $MATIC. Deposit now for your chance to win.

Moreover, it also started a trading competition to reward traders from a pool 2,100,000 $MATIC.

Reportedly (by CMC), Binance accounts for more than 85% of the trading volume on Matic. Poloniex, backed by Justin Sun, the creator of Tron [TRX], is the first popular exchange to list the token. The likelihood of adding margin trading pairs on Poloniex is also positive.

Price Analysis

Matic Network has been one of the most popular IEO launches in the recent crypto markets. Its price went through a huge pump and dump in Q4 of 2019, which has a rather ugly end to it, with suspicions against the developers and Binance management.

matic daily chart
Matic/BTC 1-Day Chart on Bitstamp (TradingView)

Currently, Matic is at trading at support and resistance levels at the lower edge of its yearly range w.r.t. Bitcoin [BTC]. The recent death cross between the 50 and 200-Day EMA (Exponential Moving Average) projects further downfall to its price.

Furthermore, there is a cluster of resistance around 0.00000190 – 0.000000205 sats which if broken could push the price up to 250 sats resistance.

Last but not the least, the altcoin markets are highly correlated with Bitcoin as well. Hence, the trend established by Bitcoin will be decisive for other altcoins as well.

How do you think the listing will affect the price of Matic? Please share your views with us.

References

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