Abnormal market conditions produce abnormal results, and the weakness in altcoins continues despite positive on-chain data. BTC price fell due to the higher-than-expected PPI data released before the US market opened. Although the PPI is below 3%, the increase here could reflect consumer inflation, posing a risk for continued decline.
Polygon (MATIC)
The overall market sentiment is negative, and BTC continues to linger below $58,000 despite many positive developments. This situation helps the price decline in many cryptocurrencies, including MATIC Coin, despite positive on-chain signals. On July 11, the volume data covering large transactions reached $103 million, a 7-day peak.
The increase in whale transactions was 15 times more than the previous day. Large transactions include those exceeding $100,000. If there is an increase here, it indicates a recovery in network activity among institutional investors, whales, and other professional investor groups. These movements positively affect the altcoin‘s price during upward trends.
At the time of writing, the price lingering at $0.49 fell by 4%, while the trading volume increased by 10%. If the volume increases as the price falls, everyone faces the reality that the downward movement has gained momentum. The selling pressure pulls MATIC Coin further down with a force beyond the buyers.
MATIC Coin Price Prediction
The Elder-Ray Index monitors the power struggle between buyers and sellers. If this value is negative, it reveals that sellers are dominant. At the time of writing, the indicator was below zero. Considering the falling price with increasing volume alongside this indicator, we can assume that the MATIC Coin price will experience a rapid decline to $0.42.
Of course, the price does not always move in the expected or required direction. A possible recovery in BTC price could trigger a return to $0.5 here, opening the door to new peaks. Trading volumes are expected to weaken further over the weekend. What could turn Saturday and Sunday into an uptrend is the SEC approving the S-1 Forms of Spot ETH ETF applications and announcing the listing date as Monday. Although experts point to July 15 as the final date, the SEC has not yet given the final approval.
