Based

Bitcoin

Impact

Polygon

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/market-conditions-impact-altcoins" data-wpel-link="internal" rel="noopener noreferrer nofollow">Market Conditions Impact Altcoins</a><br></p>
<p style="text-align: justify">Despite promising on-chain data, the altcoin market remains weak due to unusual <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">market conditions</a>. The price of <a href="https://en.bitcoinhaber.net/exploring-the-lasting-appeal-of-precious-metals-and-bitcoins-growth-as-a-wealth-asset" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) dropped following the release of higher-than-expected Producer Price Index (PPI) data ahead of the US market opening. Although PPI figures remain below 3%, the rise could signal an increase in consumer inflation, risking further declines in the cryptocurrency market.</p>
<h2 id="why-is-polygon-matic-affected">Why is Polygon (MATIC) Affected?</h2>
<p style="text-align: justify">The broader negative market sentiment has kept BTC below the $58,000 mark, which has impacted other cryptocurrencies, including Polygon (MATIC). Despite positive on-chain activity, MATIC’s price has declined. On July 11, the volume of large transactions reached $103 million, marking a 7-day peak. Whale transactions surged 15 times compared to the previous day, indicating increased network activity among institutional and large investors.</p>
<p style="text-align: justify">These large transactions, which exceed $100,000, often signify a recovery in network activity, positively influencing altcoin prices during upward trends. However, in this case, the price has continued to decline. At the time of writing, MATIC was priced at $0.49, down by 4%, while trading volume increased by 10%. This suggests that selling pressure is overwhelming buyer demand, pulling MATIC’s price further down.</p>
<h2 id="what-is-the-matic-coin-price-prediction">What is the MATIC Coin Price Prediction?</h2>
<p style="text-align: justify">The Elder-Ray Index, which gauges the power struggle between buyers and sellers, currently indicates a negative value, showing seller dominance. Given the falling price and rising volume, it’s likely that MATIC could rapidly decline to $0.42. However, if BTC recovers, MATIC could also rebound to $0.5, potentially leading to new peaks.</p>
<h2 id="investor-insights">Investor Insights</h2>
<p style="text-align: justify">Based on the current market conditions and on-chain data, investors can infer the following:</p>
<ul>
 <li>High trading volume during price declines indicates strong selling pressure.</li>
 <li>A negative Elder-Ray Index reveals seller dominance.</li>
 <li>Institutional interest is evident from a surge in large transactions, although it hasn’t halted the price decline.</li>
 <li>Market sentiment plays a crucial role in price movements, despite positive on-chain signals.</li>
</ul>
<p style="text-align: justify">Weekend trading volume is expected to weaken further. A potential catalyst for an uptrend could be the SEC’s approval of the S-1 Forms for Spot ETH ETF <a href="https://newslinker.co/category/mobile/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">applications</a>, with the listing date announced for Monday. Although experts anticipate July 15 as a crucial date, the SEC has yet to provide final approval.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/market-conditions-impact-altcoins" data-wpel-link="internal" rel="noopener noreferrer nofollow">Market Conditions Impact Altcoins</a></h5>

Market Conditions Impact Altcoins

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