POA Network (POA) Listing on Binance Down 99.3%!

What is POA?

POA, according to Binance, is "an open Ethereum sidechain with Proof of Authority (PoA) consensus, reached by independent validators. It's a public network for smart contracts that combines speed, security, and cost efficiency. POA Core Network consists of the PoA-based protocol, the validators who seal the blocks according to the rules of this protocol, and the DApps that enable the network functionality. Core Network is an independent chain with its own native coin. At POA Network, we are making the case that consensus by individuals is a feasible business model for blockchains. A streamlined consensus algorithm that creates a trustless environment without an expensive setup, combined with a swarm of blockchains, connected to each other to transfer value, can establish a foundation for faster and cheaper smart contracts."

Price Action

The POA/BNB pair plummeted down 99.3% upon its listing on Binance today, from a high of $9 and is now at $0.0638, 13 hours after it's listing. I call this the Flatline.

3 Minute Chart

1 minute chart

The price action is trending around the 38.2% Fibonacci level with very weak volume.

Possible head and shoulders pattern has formed on the one minute chart.