Category: Cryptocurrency News

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Polygon (MATIC), a prominent player in the cryptocurrency market, faced a volatile journey in July, as it initially cleared significant gains but encountered setbacks that have left investors and enthusiasts eager for signs of a resurgence.  As of the latest data from CoinGecko, the MATIC price stood at $0.66, reflecting a 24-hour slump of 0.4% and a seven-day decline of 4.7%. While the token’s price performance has been fluctuating, technical indicators suggest the potential for a rebound. Related Reading: PEPE’s Future: Will Prices Of Meme Coins Continue To Drop? Source: Coingecko Polygon: Testing Retracement Levels A crucial tool in analyzing MATIC’s price movement has been the Fibonacci retracement tool, which evaluates the retracement levels between the June low and July high. The 50% Fibonacci level, situated at $0.70, failed to uphold the pullback, raising concerns about the sustainability of the gains. The recent activity has seen the token testing the 38.2% Fibonacci level at $0.655, which has been retested twice, demonstrating its significance as a support level. Presently, MATIC has bounced off the 38.2% Fibonacci level, indicating potential for recovery. However, the overall market structure on higher timeframes remains bearish, and the interplay with Bitcoin’s performance can play a pivotal role. As Bitcoin exhibited weakness, a price rejection at the 50% Fibonacci level is a feasible scenario.  MATIC market cap at $6.2 billion on the daily chart: TradingView.com The key intrigue lies below the 38.2% Fibonacci level, where bullish order blocks on both daily and weekly charts are positioned. These blocks, particularly the daily one which has already shown its impact, could mitigate further price decline should the 38.2% Fibonacci support give way. Both the 38.2% and 23.6% Fibonacci levels are emerging as critical interest points for bullish traders. Complex On-Chain Dynamics And Amazon’s Role While the Network Profit and Loss (NPL) data seems to suggest that MATIC might have reached a price bottom, a closer analysis of its on-chain performance raises concerns about a potential additional drop in value. This intricacy mirrors the broader struggles of the crypto market, which has been grappling with various regulatory, environmental, and adoption challenges. Amidst this backdrop, MATIC’s future remains uncertain. Related Reading: Bone ShibaSwap Among Weekend 100 Biggest Hitters With 25% Rally On a brighter note, Polygon’s collaboration with Amazon Prime presents an optimistic angle. Amazon Prime’s vast subscriber base, totaling around 200 million globally, offers an enticing prospect for the cryptocurrency’s adoption. @Weareplanetmojo Welcomes @AmazonPrimeMembers!🎉 1st FREE offer includes: -Gwyn Rockhopper Digital Collectible -850 ORE The adventure begins NOW. 🚀💫 Come & Get It! ➡️https://t.co/9Dvzk8CAaT⬅️ pic.twitter.com/OZbuXUoEed — Planet Mojo 🌱| Mojo Melee SEASON TWO is LIVE! (@WeArePlanetMojo) August 2, 2023 Specifically, the Mojo Melee NFT-based gaming project built on the Polygon network is now offering free Polygon NFTs to Amazon Prime subscribers. This partnership could potentially boost demand for Polygon’s network and contribute to its market resilience. While challenges persist, the Polygon and its native coin’s potential to adapt and thrive cannot be underestimated, making it a compelling asset to watch in the coming days. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Crazy Stats

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In the world of Bitcoin, silence is not always golden. The recent weeks have seen Bitcoin’s price volatility drop to historical lows, with the BTC price trading mostly between $29,000 and $30,000. However, beneath this placid surface, a number of intriguing market dynamics are at play. “Realized volatility for Bitcoin has collapsed to historical lows. Across 1-month to 1yr timeframes, this is the quietest we have seen the corn since after March 2020. Historically, such low volatility aligns with the post-bear-market hangover periods (re-accumulation phase),” stated Checkmate, lead on-chain analyst at Glassnode. The chart shared by Checkmate shows that annualized realized volatility resembles the post-bear era for Bitcoin from March 2020 when volatility was at 47%. Currently, 1-year volatility sits at 49.1%, 3-month volatility at 35.5%, and 1-month volatility at 22.9%. Quit Before The Storm For Bitcoin However, the low volatility is not the only story. Checkmate also highlighted a new all-time high for Bitcoin’s long-term holder supply, now at 14.59M BTC, which accounts for 75% of the circulating supply. This shows that an increasingly high number of Bitcoin investors are convinced of a future rally, leading to a supply shortage, while high risk traders are washed out of the market due to lacking volatility. Related Reading: Crypto Analyst Points To Bitcoin Price History Repeating Itself – Are The Signs Bullish? Simultaneously, there’s a surge in institutional positioning; volume and open interest of the CME Bitcoin futures have reached a 20-month high in July. Despite the Bitcoin spot markets recording low volumes, the CME futures saw the highest volume since January 2022, with $55.8 billion in July. The CTFC data reveals a fascinating slugfest between two investor groups. Asset managers are $1.2 billion net long, while hedge funds are net short by -$980 million. This standoff suggests an imminent breakout in Bitcoin’s price, potentially leaving one of these groups with burnt fingers. On-chain analyst Ali Martinez provided further insight: “Even as Bitcoin dropped from $32,000 to $29,000, the number of new BTC addresses steadily rose! This bullish divergence between price and network growth hints at a stable long-term BTC uptrend. Buy the dip!” Indeed, the current low volatility phase is not without precedent or predictive power. Renowned analyst @CryptoCon provides a compelling perspective on this, stating that such periods of sideways price action are not only normal but potentially bullish. “Bitcoin sideways price action at this point in the cycle is completely normal! The 2 Week Mass Index crosses into the golden pocket at the most stagnant cycle points, just before massive bullish moves. Data everywhere points to the same conclusion: Low volatility is bullish,” CryptoCon tweeted. Chris Burniske, partner at Placeholder VC, also shared his perspective on the current market dynamics. “Currently, tourists are inactive while residents are accumulating swiftly, owning 74.8% of all supply. That’s consistent with an early-stage bull market. Thirty percent of BTC has left for cold storage since 2020, leaving exchanges with 2.26 million. Bitcoin seems fairly valued relative to the number of active entities on the network.” Related Reading: Tether May Now Be 11th Largest Bitcoin Holder, Analyst Says Burniske’s simplified price/cycle model projects Bitcoin to reach near $39,000 by the fourth quarter of 2023 and $92,000 (base scenario) by Q4 2025 with entities above 600,000. In conclusion, the current low volatility phase of Bitcoin may seem uneventful on the surface, but the underlying market dynamics suggest a different story. The tug-of-war between asset managers and hedge funds, the steady rise in new BTC addresses, and the swift accumulation by long-term holders all hint at a brewing storm. At press time, the Bitcoin price was at $29,076. Featured image from iStock, chart from TradingView.com

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Bitcoin is frustratingly calm and volatility is near historic lows — what could provide BTC price action with fresh fuel to discover a trend this week?

In the realm of meme coins, PEPE’s Network Realized Profit/Loss (NPL) metric has emerged as a critical barometer, shedding light on price trends within the cryptocurrency landscape. This metric has now indicated a glimmer of a price floor for the frog-themed token that has been facing its fair share of challenges. As a result, a ray of positivity has dawned upon numerous investors who have been expecting a much-needed rebound, following a prolonged period of decline within the meme coins arena. However, a more meticulous analysis of the situation unveils a contrasting reality, suggesting that the token’s woes might be far from over. At first glance, the dip in PEPE’s NPL metric appeared to be an encouraging sign. Historically, a significant drop in this metric has often coincided with a price bottom in many cryptocurrencies.   PEPE NPL metric on the downward trend. Source: Santiment.  Related Reading: Shiba Inu: More Bite Than Bark Over The Weekend With Over 15% Jump PEPE’s Misleading NPL Dip Conceals Ongoing Selling Pressure The recent uptick in PEPE’s 24-hour performance, with a 1.7% rally, seemed to lend credence to this belief. Nevertheless, deeper scrutiny of on-chain data reveals a less optimistic picture. While the NPL suggested a potential price floor, the broader on-chain performance of PEPE contradicts this notion. The token has experienced consistent and sustained selling pressure. PEPE seven-day slump. Source: Coingecko Holders have continued to offload their tokens including meme coins, thwarting the possibility of a substantial price rebound. The 9.1% seven-day slump underscores the persistent challenges PEPE faces, casting doubt on the immediate potential for recovery. Insights From The Broader Crypto Market Struggle PEPE’s struggle is not occurring in isolation. The wider cryptocurrency market has been grappling with a plethora of challenges, including regulatory uncertainties, market sentiment shifts, and macroeconomic factors. The volatility that has become synonymous with the crypto landscape has impacted tokens across the spectrum, including well-established ones. This backdrop of uncertainty has resulted in heightened caution among investors. The fear of further price drops, according to a recent PEPE price analysis, prompts them to liquidate their holdings preemptively, even when metrics like NPL seem favorable. This collective behavior contributes to the sustained selling pressure observed in tokens like PEPE, despite signs that might hint at a price recovery. The market cap of cryptocurrencies reached $1.12 trillion today. Chart: TradingView.com PEPE And Meme Coins: The Road Ahead While the dip in PEPE’s NPL initially raised hopes of a price bottom, a meticulous analysis uncovers the underlying challenges that continue to suppress the token’s recovery. The on-chain data reflects a consistent trend of token holders selling, which overshadows the potential for an immediate price rebound. Moreover, the broader struggles of the crypto market further exacerbate the situation, making it crucial for investors to manage their expectations. Related Reading: Bone ShibaSwap Among Weekend 100 Biggest Hitters With 25% Rally While metrics like NPL provide insights, they must be viewed within the larger context of market dynamics. Only by taking a holistic approach and considering multiple factors can investors make informed decisions that mitigate risks and capitalize on opportunities in this highly volatile environment. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Earth.com