Cryptocurrency

While bears wreaked havoc on the Polygon (MATIC) market, driving the price to a 90-day low of $0.8233, 30 million MATIC tokens worth approximately $25 million were mysteriously transferred from Polygon Staking to an unknown wallet.This abrupt cash shift has the crypto community speculating about the potential market impact. Some anticipate a revival in demand, and others worry that selling pressure might further push down prices.At the time of publication, MATIC was trading at $0.8274, a 3.99% decline from the previous close. The market capitalization and 24-hour trading volume of MATIC fell by 4.01% and 15.30%, respectively, to $7,663,380,749 and $409,553,906. This slump adds to the market’s continuous instability as investors cope with the aftermath of the significant MATIC move.MATIC/USD 24-hour price chart (source: CoinMarketCap)On the MATIC/USD 4-hour price chart, the 200-day moving average touches $1.029, while the 50-day moving average touches $0.932. The fact that the 50-day MA is lower than the 200-day MA indicates that MATIC/USD’s recent price fluctuations have been weaker than the long-term trend.This fluctuation could indicate that selling pressure in the market currently outweighs buying pressure.Price activity below both moving averages is also a negative indicator, indicating a lack of confidence in the market, with investors potentially staying on the sidelines until there is more clarification about MATIC’s future trajectory.MATIC/USD chart (source: TradingView)The RSI score of 21.23 indicates that the MATIC market is experiencing strong negative momentum, with selling pressure presently outweighing purchasing pressure. The fact that the market is oversold signals that there may be a potential purchasing opportunity for investors, as this may result in a price reversal soon.The MATIC market is under mild selling pressure, with a Chaikin Money Flow rating of -0.07.However, the fact that the CMF is rising suggests that there may be a move toward purchasing pressure in the near future. This could be a good sign for investors seeking a good buying time.MATIC/USD chart (source: CoinMarketCap)In conclusion, the MATIC market faces bearish pressure, but the oversold conditions and rising CMF suggest a potential buying opportunity for investors.Disclaimer: The views, opinions, and 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 liable for direct or indirect damage or loss.The post MATIC Market Turmoil: 30M Tokens Transferred Amid Bearish Trend appeared first on Coin Edition.See original on CoinEdition More

According to a report from the Financial Times, Romanian officials have introduced an AI-powered robot named Ion, intending to enhance the government’s understanding of public concerns. Continue Reading on Coin Telegraph More

Bill HJR 146, introduced by State Representative Giovani Capriglione, declares that individuals have the right to use a medium of exchange that is mutually agreed upon, which includes digital currencies, cash, coin, bullion, or scrip, for trading and contracting goods and services, and that this right cannot be violated.Continue Reading on Coin Telegraph More

The crypto analyst that goes by CryptoKaleo on Twitter has predicted that the Ethereum price will drop to $1,600 before rallying toward the $2,400 price region. According to Kaleo, the price dip will represent a retest of the pre-LUNA/UST liquidation breakdown level.Kaleo explained his position using an ETH/USD daily chart to highlight some of the major Ethereum price behavior since the middle of 2021. The events Kaleo highlighted include the Ethereum price rally from July to November 2021, when the ETH price rallied toward the $4,700 price level after bouncing from the $1,600 region.Kaleo’s chart analysis revealed that the rally’s peak represents the beginning of a downtrend that extended to March 2023. It also expressed horizontal support, which has flipped into a resistance, considering the current price of ETH.Having broken above the trendline that marks the downtrend, Kaleo thinks the price of ETH will consolidate and pull back to retest horizontal support established about a year ago. That support was in the aftermath of the infamous LUNA crash in May 2022. The unstaking of over $2 billion worth of UST triggered the LUNA crash. As a result, investors quickly liquidated hundreds of millions worth of investments.According to Kaleo, ETH will bounce from this support to rally toward the resistance at $2,400. The analyst also noted that Bitcoin’s price would develop in a trajectory similar to Ethereum’s by dipping toward the $24,000 price region before rallying to retest the $40,000 price region.At the time of writing, ETH’s price had broken below local support at $1,787 and was trading at $1,761. Dropping lower could see the flagship altcoin fall to the next support at $1,687, confirming Kaleo’s price dip prediction.The post ETH Price Will Rally to $2.4K After Dipping Toward $1.6K: Crypto Analyst appeared first on Coin Edition.See original on CoinEdition More

The crypto executive — Binance.US’ majority owner — has reportedly been trying to reduce his stake in the U.S.-based exchange since last summer, according to a May 11 report by The Information that cited people familiar with the matter.Continue Reading on Coin Telegraph More

Crypto data aggregator CoinGecko shared some of the top trending cryptocurrencies earlier today. The cryptocurrencies were ranked based on which coins were searched for the most over 3 hours.The five cryptos that were searched for the most during this time period included Polygon (MATIC), PancakeSwap (CAKE), Ethereum (ETH), Bitcoin (BTC) and Sui (SUI). MATIC was the crypto that was the most popular, and experienced a 24-hour price drop of about 4.1%. As a consequence, MATIC was trading hands at $0.829698 at press time.MATIC price (Source: CoinGecko)The altcoin was able to set a daily high of $0.865369, but was trading much closer to its daily low of $0.822147. Despite its price drop, MATIC was able to strengthen against Bitcoin (BTC) and Ethereum (ETH) by about 0.4% and 0.1% respectively.The second and third highest trending coins were CAKE and ETH. Both of these altcoins experienced price losses over the previous 24 hours of trading as well. At press time, CAKE was trading hands at $1.80 after a price drop of more than 5%. Meanwhile, ETH was worth about $1,759.15 after a price decrease of 4.1% over the last day.The last two spots in the top 5 trending cryptos were occupied by BTC and SUI. The crypto market leader was trading at $26,298.56 at press time following a 4.5% price decrease. This pushed BTC’s weekly performance even further into the red at -10%.The past 24 hours were just as unkind to SUI, as the altcoin saw a price decrease of more than 9% to trade at $1.04 at press time. As with BTC, this negative price movement dragged the altcoin’s weekly performance down even more to -18.6%.Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own 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.The post MATIC, CAKE, ETH, BTC, and SUI Among The Top Trending Cryptos appeared first on Coin Edition.See original on CoinEdition More

According to PitchBook’s Crypto Report for the first quarter of 2023, crypto companies raised $2.6 billion across 353 investment rounds. While it shows the space is still active, it’s evident that it’s not as strong as it used to be. Continue Reading on Coin Telegraph More

The blockchain intelligence firm Santiment shared their latest insights report for Pepe (PEPE) in a tweet this morning. This report comes after PEPE’s price had pulled back significantly following its +1,200% rally between 29 April and 5 May of this year.According to Santiment’s insights, eager investors had attempted to buy the recent dip in the crypto’s price with the hope that it would continue its impressive bullish streak. Unfortunately, these efforts to buy the dip have not been very effective, since large addresses have continued to sell their PEPE holdings, the report added.This resulted in the meme coin’s price dropping almost as quickly as it ascended, dropping around 65% since its all-time high (ATH) on 5 May. According to the report, the firm’s social dominance metric had forecasted the altcoin’s price drop perfectly.The indicator had shown that PEPE’s social dominance had dropped from 5% to between 1-2% hours before it set its ATH. This suggested that traders started to shift their attention from PEPE to other altcoins.Amount of active addresses for PEPE leading up to its ATH (Source: Santiment)Furthermore, the amount of unique addresses holding PEPE also soared leading up to its price top. However, a closer look at this on-chain metric revealed that large addresses had started selling their holdings shortly before the crypto’s price reached its peak.Santiment also cautioned that an increase in the number of large addresses holding 100 million PEPE or more will be an early indication of a second dump in the short term. This second sell-off is predicted to not be as violent as the previous one, however.At press time, PEPE was trading at $0.000001116 at press time and was down more than 36% according to CoinMarketCap. The altcoin had also weakened against the two crypto market leaders in the previous 24 hours, and was down 33.80% against Bitcoin (BTC) and 33.60% against Ethereum (ETH).Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own 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.The post PEPE May Experience Second Sell-off in the Short Term: Report appeared first on Coin Edition.See original on CoinEdition More