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Bitcoin price today dropped to $63,685 before aiming for $64,800 again, and altcoins remain uncertain. The volatility is triggered by mixed data about the US economy. Persistent inflation and potential prolonged high interest rates by the Fed could weaken the economy further. What is the current situation specifically for MATIC Coin?
General Market Sentiment
MATIC Coin’s price continues the day with a 0.27% loss at $0.713. BTC price fluctuations have further negatively affected the already weakened investor sentiment. Bitcoin has not yet decided on a direction, and we will see the impact of today’s US data on interest policy at the May 1st meeting.
Spot Bitcoin ETF is not faring well, and BlackRock’s net entries have stopped. Other ETFs are seeing notable withdrawals. On April 25, there were over $200 million in net sales, indicating that some investors from traditional markets are stepping back. Overall, the market sentiment is turning negative for various reasons. Considering the volume-less weekend ahead, new lows could occur.
Polygon (MATIC)
Average Coin Age is an important indicator to see the trends of current MATIC Coin investors. According to data provided by Santiment, the outlook suggests that accumulation is dominant. These investors, less willing to sell their holdings, play a significant role in limiting price declines.
What about new investors? Naturally, we need to look at network growth by newly created addresses. The metric of newly created addresses is at a 12-month low. This could be a signal of a potential turnaround or deeper disinterest possibly triggering deeper lows.
In the short term, unless we see closures above the $0.76 resistance, it’s hard to talk about significant rises for MATIC Coin. The current scenario suggests that the price might continue to be squeezed between $0.76 and $0.61 for a while. If the $0.76 resistance can be overcome, $0.81 could be tested, potentially returning to the real bull season levels above $1.
Bitcoin continues to zigzag on the 15-minute chart while ETH remains nearly unchanged from yesterday.
