Abnormal market conditions lead to weakness and volatility in altcoins. Bitcoin (BTC) price declined due to the impact of PPI data announced before the opening of the US markets. Although PPI is below 3%, there is a risk that the increase will be reflected in consumer inflation.
Polygon (MATIC)$MATIC
The negative atmosphere in the market and the fact that Bitcoin remains below $ 58,000 despite positive developments causes the price decline of many cryptocurrencies, including MATIC Coin, despite positive on-chain signals. On July 11, volume data covering large transactions reached 103 million dollars, the peak of the last 7 days. The increase in whale transactions was 15 times higher than the previous day and included large transactions valued at over $100,000. This increase indicates a recovery in the network activity of institutional investors and other professional investor groups. Altcoin prices may be positively affected by these movements.
MATIC Coin Price Prediction
At the time of writing, MATIC Coin is trading at $0.49 and while the price is down 4%, trading volume is up 10%. The Elder-Ray Index monitors the balance of power between buyers and sellers, and if a negative result occurs, it may reveal that sellers are dominant. While the indicator is below zero, the price falling with increasing volume predicts that MATIC Coin may experience a rapid decline to $0.42.
Key Takeaways
PPI data may affect BTC and altcoin prices.
An increase in whale transactions may indicate institutional investor interest.
Increasing trading volume and falling price could be a sign of selling pressure.
The Elder-Ray Index is a useful tool for understanding market trends.
The price may not always move in the expected direction. A possible recovery in BTC price could help MATIC Coin return to $0.5 and reach new highs. Volumes are expected to weaken over the weekend; However, the SEC's approval of Form S-1 of Spot ETH ETF applications could lead to a market rally on Saturday and Sunday.
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