Altcoins
Polygon Price Dips Further: Is Another 10% Drop Imminent?
Polygon price has been in a freefall for the past few days, dropping below the crucial support level of $0.95. The altcoin has dipped nearly 9% over the past week and 13% in the past four days. The asset is up by 15.20% in the year to date. Polygon’s market cap has crashed to $8 billion over the past few days, while its total volume fell further. The asset currently ranks as the 10th largest cryptocurrency by market cap, after Solana and ahead of Polkadot.
Fundamentals
Polygon price has been under immense pressure for the past few weeks, dipping more than 43% from its highest level this year in February. At press time, the asset was trading 2.91% lower at $0.8750. The asset’s selloff has been intricately linked to the recent dip in the global crypto market cap.
Data by Coinmarketcap shows that the global crypto market cap has crashed to $1.14 trillion over the past few days, while the total crypto market volume decreased by 27.86% over the last day. Bitcoin’s recent dip below the crucial support level of $28,000, has also seen the MATIC price plunge. Bitcoin, the largest digital asset by market cap, has been changing hands at $27,500 over the past few days amid congestion on the asset’s network.
Binance, the largest cryptocurrency exchange, recently halted the withdrawals of the BTC token temporarily due to congestion on the blockchain. The congestion also resulted in a surge in transaction fees, the highest since 2017. These events saw the Bitcoin price plummet by more than 8% in the past few days.
Investors will be closely watching the US consumer price index data for April, as well as the producer price index data, to gauge the economic outlook. The US Federal Reserve increased its interest rate by 25 basis points earlier last week, a move that did not largely affect the crypto market as investors had already priced in the interest rate hike. Even so, the Fed announced that it was committed to achieving its 2% goal.
Polygon Price Outlook
Polygon price has been in a correction phase for the past two months, falling more than 40% from this year’s high of $1.57. As highlighted on the daily chart, the asset has remained below the 50-day and 100-day moving averages, as well as the 50-day and 200-day exponential moving averages. It has also moved below the 50-day and 100-day simple moving averages.
Its Relative Strength Index (RSI) has moved lower into the oversold region, suggesting a prolonged selloff in the ensuing sessions. The Moving Average Convergence Divergence (MACD) indicator is also bearish.
Therefore, I expect the Polygon price to fall further as bears eye the next support levels at $0.8338 and $0.7760. However, a move past the important level of $0.95 might create a new opportunity for the bulls.
Ethereum price has been in consolidation mode for the past few days as macroeconomic concerns send investors into conservation mode. At the time of writing, Ethereum was trading slightly higher at $1,832.32. ETH’s total market cap, as well as its total volume, have increased over the past 24 hours. It currently has a market capitalization of $220 billion.
Fundamental Analysis
Ethereum price has been moving sideways for the past few days, in tandem with the global cryptocurrency market as investors shift their focus to US debt ceiling talks and Fed’s monetary policy outlook. The global crypto market cap has increased by 1.30% over the last day to $1.13 trillion, while the total crypto market volume fell by more than 7%.
The cryptocurrency market has been moving sideways for the past few days characterized by a mix of bullish and bearish trading sessions. The recent trend in the cryptocurrency market has been amid the uncertainty around the outcome of the US debt ceiling talks and the prospect of a US government default. With less than a week to default, investors have shifted to conservation mode, especially around risk assets such as cryptocurrencies.
Potential interest rate hikes by the US Federal Reserve have also been weighing on the markets. Traders have ramped up bets of an interest rate hike in the Fed’s next meeting in June after several policymakers sounded their support. According to a gauge released on Friday,…
Polkadot price has been under intense pressure for the past few days amid the recent bearish sentiment in the crypto market. At the time of writing, DOT was barely unchanged, trading at $5.351. The altcoin has dipped more than 25% for the past month but remains 24.23% higher in the year to date. The asset’s total market cap has slipped over the last day to $6.343 billion, ranking it the 13th largest cryptocurrency.
Is the Worst Yet to Come?
Polkadot price has been consolidating for the past few days amid the recent sell-off in the crypto market. Statistics by Coinmarketcap show that the global crypto market cap has dropped 1.29% over the last day to $1.13 trillion, while the total crypto market volume decreased by nearly 7%.
The biggest cryptocurrencies, Bitcoin and Ethereum, have been in a freefall for the past few days, falling to $26,880 and $1,807, respectively. Most altcoins, including BNB, Cardano, Solana, Shiba Inu, and Avalanche, have plunged seeing that most altcoins move in tandem with the performance of heavyweights Bitcoin and Ethereum.
Looking ahead at the global market mayhem with the US debt ceiling debate and the US banking crisis, investors expect more downside in the crypto market. The US dollar has continued growing stronger, hovering around a six-month high against the Yen, as optimism around the US debt ceiling talks in Washington raised expectations of higher-for-longer interest rates.
Two…
Ethereum price has been in the green for two consecutive days but is not out of the woods yet, as the altcoin remains below the crucial $1,900 level. At the time of writing, ETH was trading 1.51% higher at $1,826.50. Despite the current slight improvement in the asset’s price, Ethereum remains 2.38% lower in the past week and 15% below its highest level this year. The asset’s total market cap, as well as its volume, has improved over the last day.
Fundamentals
Ethereum price has been setting the path for both major and minor altcoins in the crypto market, seeing that most altcoins move in tandem with ETH’s performance. The Ethereum price has been trading around $1,800 for the past few days amid uncertainty regarding where the market would go. Ethereum, the largest altcoin by market cap, has plunged more than 10% in the past few days.
Concerns by investors about the coin’s losses could have driven the ETH price lower. Even so, optimism in the market has outweighed fear, preventing a drastic downfall of the asset. Most of the fear in the market was visible in the whales, who seemed to have bolted at the first sight of a potential downward trajectory.
The cryptocurrency market was in the green on Monday, hinting at a recovery on the back of a weak US Dollar. Data by Coinmarketcap shows that the global crypto market cap…
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