Bitcoin

Ethereum

Polygon

On July 11, MATIC’s transaction volume surged to $103 million, a substantial rise from the previous day’s $6.45 million. Despite this increase in large transaction volumes, the token’s price has continued to decline.JOIN CRYPTOS HEADLINES<a href="https://t.me/CryptosHeadlines" rel="noopener noreferrer nofollow">TELEGRAM CHANNEL</a><img src="https://academy-public.coinmarketcap.com/optimized-uploads/dfff1a70816a4cdf85c90387ab12367f.svg&#43;xml" />The bearish market sentiment, as indicated by the Elder-Ray Index, suggests that MATIC’s price could fall to $0.42 unless there is a positive change in sentiment.<h3 id="matic-s-large-transaction-volume-surges-price-declines">MATIC’s Large Transaction Volume Surges, Price Declines</h3>According to IntoTheBlock data, on July 11, MATIC’s large transaction volume surged to $103 million, marking a 1,493.81% increase from the previous day’s $6.45 million. Large transactions, defined as those over $100,000, often indicate heightened activity among <a href="https://cryptosheadlines.com/coinbase-introduces-crypto-lending-for-us-institutional-investors/" rel="noopener noreferrer nofollow">institutional investors</a>, potentially impacting the asset’s price.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/a4da15e86b8e4fc294717ac951c7c700.webp" />Polygon Large Transactions Volume. Source: <a href="https://app.intotheblock.com/coin/MATIC/deep-dive?group&#61;financials&amp;chart&#61;largeTransactions" rel="noopener noreferrer nofollow">IntoTheBlock</a>Despite this surge in transaction volume, MATIC’s price has not reacted positively. At press time, the altcoin is trading at $0.49, with a 4% drop in price over the past 24 hours, even as trading volume increased by over 10%.This discrepancy, known as a bearish divergence, occurs when an asset’s price falls despite rising trading volume. It suggests that strong selling pressure is driving the price down, reflecting negative sentiment towards the asset. If this trend continues, further price declines could be expected.<h3 id="matic-faces-downward-pressure-as-elder-ray-index-signals-bearish-sentiment">MATIC Faces Downward Pressure as Elder-Ray Index Signals Bearish Sentiment</h3>The current negative values of MATIC’s Elder-Ray Index reflect prevailing bearish market sentiment. As of this writing, the index shows a value of -0.03 million, indicating that <a href="https://cryptosheadlines.com/ethereum-bows-to-selling-pressure-as-bears-maintain-dominance/" rel="noopener noreferrer nofollow">selling pressure is currently dominating</a> the market.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/52fb7762773c4e738e365b743ba18bf3.png" /><img src="https://academy-public.coinmarketcap.com/optimized-uploads/9a54c9309d2b484facd9ad7d9829a702.webp" />Polygon Analysis. Source: <a href="https://www.tradingview.com/chart/UsF8f5qA/" rel="noopener noreferrer nofollow">TradingView</a>The Elder-Ray Index measures the balance between buyers and sellers. A negative value suggests that bear power is stronger, which could push MATIC’s price lower. If this bearish trend continues, <a href="https://cryptosheadlines.com/polygon-matic-price-signals-potential-20-drop/" rel="noopener noreferrer nofollow">MATIC’s price may drop</a> to $0.42. Conversely, a positive shift in market sentiment could potentially see the token’s price rise to $0.50.<a href="https://cryptosheadlines.com/shib-and-doge-fall-behind-in-market-slump/" rel="noopener noreferrer nofollow">Also Read: SHIB and DOGE Fall Behind in Market Slump</a><img src="https://academy-public.coinmarketcap.com/optimized-uploads/fd8429ba9d3543bd8548d969c3a2d7fe.png" />Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

MATIC Transaction Volume Surges But Price Declines

Table of Contents

CryptosHeadlines.com

Andre artikler udgivet 12. jul. 2024

Crypto Airdrops for Free Coins

Extremely Cheap Altcoin Ready To Provide 3500%+ in 2024

Key SHIB Metric Explodes 3,988%, Here's What's Happening

Pendle Domain Hijacking Be Warned, User Funds Are Safe

While Losses Continue in Bitcoin, the Positive Series in ETF Entries Continued! Here are the Details

MultiversX (EGLD), UNUS SED LEO and Rollblock All Defy Bitcoin Crash With The Later Surging Over 50%

Join our free newsletter for daily crypto updates!