Binance’s Most Infamous IEO Now Listed at Justin Sun’s Poloniex Exchange
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.
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.
- ETH Treasury Firm SharpLink to Tokenize SBET Stock on Ethereum
- First Ethereum Staking ETF Begins Trading, Boosting ETH Demand
- Ethereum in a Bear Market, Peter Schiff Warns as ETH Slides Below $4K
- Trump Considers Jill Sommers and Kyle Hauptman for CFTC Chair Role
- Fed’s Stephen Miran Calls for Series of 50‑bps Rate Cuts After FOMC Dissent
- Shiba Inu Price Eyes Recovery From Demand Zone With Burn Rate Soaring Nearly 400%
- Bitcoin Price: Analyst Predicts Crash to $104K Before Explosive Rally on Fed Cut Pattern
- HBAR Price Elliot Wave Signals an 86% Rebound as Key Risks Remain
- Will Pi Coin Price Recover Before Month-End After Payochain Listing?
- Chainlink Price Prediction as Whales Buy 800K LINK — Can the Demand Zone Launch a Recovery?
- XRP Price Set for Parabolic Rally as XRPR ETF Pulls $30M in 3 Days
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
