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

목차

BH NEWS

2024년 7월 12일에 게재된 다른 기사

The SEC faces setbacks but continues its aggressive crackdown on the crypto industry

Ethereum Holders Are Going Wild For Hottest New Presale Of 2024; Targets MATIC and Uniswap (UNI) ...

Analyst Predicts Bitcoin Drop

Research Firm Bernstein Highlighted the Potential of an Artificial Intelligence Company Engaging ...

Squarespace Vulnerability Risks DeFi Security

Is a Bitcoin Breakout Looming? Options Markets Signal Imminent Volatility Surge

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!