Can IEO Cryptos Recover After MATIC's Mysterious 70% Plunge?

One of Binance's initial exchange offering tokens, Matic Network, dropped almost 70% on Dec. 10.

Although the rationale for MATIC's plunge still remains unclear, Samuel Gosling, the creator of Validity Crypto, a crypto asset assessment platform, sent out a Dec. 9 tweet warning the public that Matic Network had moved 15% of its token supply for a potential liquidation.

Matic Network co-founder Sandeep Nailwal later speculated market manipulation as a cause for the drop on a YouTube appearance.

MATIC fell 69% in a 24-hour period from its high on Dec. 10.

MATIC saw a complete Fibonacci retracement on Dec. 10, dropping all the way down to its arguable uptrend starting point.

Traders might make the case that the uptrend started slightly lower, meaning MATIC has not yet officially retraced fully, although the chart still does not look too bullish, even from that vantage point.

MATIC also sits on top of the Ichimoku Cloud as support, with a green future cloud suggesting some bullish potential.

On the bearish side, MATIC broke through its 200-day moving average support, which may now turn into resistance.

If cloud support breaks, with candles closing below it, MATIC may fall into further bearish days ahead.Harmony.

On Dec. 10, ONE faced a price fall similar to that of MATIC's although ONE was not riding the same bullish Ichimoku trend seen on MATIC's chart at the time of the drop.