Market
Polygon (MATIC) Could Fail to Rebound If This Level Breaks
![](https://coin2049.io/wp-content/uploads/2024/05/bic_polygon_down.png)
Polygon (MATIC) price has been forming lower lows, which took a pause over the last 48 hours.
This, however, is not enough to counter the fact that the intense bearishness still influences price action.
Polygon Investors Hang Low
MATIC price has impacted the total transaction volume generated on the network. This has reached a significant low, mirroring levels seen in December 2023. Currently, the transaction volume stands at under $33 million, highlighting a considerable reduction in network activity.
This decline in transaction volume may reflect decreased user engagement or confidence in the network’s performance.
![MATIC Transaction Volume.](https://beincrypto.com/wp-content/uploads/2024/06/ITB_matic_transactions_volume_in_usd_ethereum_2024-06-16T17_00_11.591Z-850x567.png)
In addition to the concerning transaction volume, MATIC is experiencing a unique challenge due to its low correlation with Bitcoin. If Bitcoin were to rise significantly, MATIC might not benefit from the same upward momentum. This disconnect could hinder MATIC’s recovery efforts, leaving it less responsive to broader market gains driven by Bitcoin.
At the moment, the correlation is at a two-month low of 0.4, last seen in April this year. Overall, the combination of low transaction volume and the weak correlation with Bitcoin presents a challenging environment for MATIC.
Read More: How To Buy Polygon (MATIC) and Everything You Need To Know
![MATIC Transaction Volume.](https://beincrypto.com/wp-content/uploads/2024/06/ITB_matic_historical_correlations_ethereum_2024-06-16T17_01_40.569Z-850x567.png)
While the network grapples with reduced activity, the lack of alignment with Bitcoin’s price movements could complicate efforts to regain lost ground. Investors and stakeholders must closely monitor these dynamics as they navigate the uncertain landscape ahead.
MATIC Price Prediction: Another Decline Ahead
MATIC’s price broke below the consolidation between $0.75 and $0.64 over the past ten days. As a result, the altcoin can be seen changing hands at $0.62 at the time of writing. Despite the presence of green candlesticks over the past two days, the Polygon native token is bound for a decline.
The aforementioned cues could send the altcoin falling below $0.60 again, potentially falling to $0.53.
Read More: Polygon (MATIC) Price Prediction 2024/2025/2030
![MATIC Price Analysis.](https://beincrypto.com/wp-content/uploads/2024/06/qeVWG8n8-850x380.png)
However, should MATIC’s price manage to secure $0.60 as a support floor and reenter consolidation above $0.64, the altcoin has a shot at recovery. This would invalidate the bearish cues as well.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Ethereum Price Dip Causes Justin Sun $66 Million Loss
![](https://coin2049.io/wp-content/uploads/2024/07/BIC_JUSTINSUN_TRON_NEGATIVE.png)
Reports suggest that Justin Sun lost $66 million on Friday as Ethereum price dipped to levels last seen in February. Crypto markets continue to endure a sell-off, overshadowing optimism for a possible launch of spot ETH ETFs.
Multiple signals indicate that the Ethereum price may not slide much lower after the 10% crash on Friday despite elevated
fear levels.
Justin Sun Loses $66 Million on Ethereum Price Crash
Spot On Chain reported that the Tron Founder and Huobi Global advisor could have seen all the $58 million in profit accrued in the last five months go down the drain as the Ethereum price descended to $2,810 on Friday.
“Such a volatile market! Just 24 hours ago, he had a $58M profit from these ETH transactions; but now, it is already a $66M loss after the dump,” the report read.
Based on the report, Justin Sun acquired 361,000 ETH tokens between February and June, worth approximately $1.1 billion. Most transactions happened on Binance, where he recently transferred several DeFi tokens.
![Justin Sun ETH Transactions revealed after Ethereum price drops](https://beincrypto.com/wp-content/uploads/2024/07/SUN-ETH.jpeg.optimal.jpeg)
The breakdown of transactions within the five months that Sun bought ETH through Binance includes:
- Bought 169,604 Ethereum (ETH) in February via “0x7a9” at an average price of $2,870
- Bought 176,117 Ethereum (ETH) in April via “0x435” at an average price of $3,177
- Bought 15,416 Ethereum (ETH) in June via “0xdbf” at an average price of $3,474
The three wallets often received ETH from Binance right after their stablecoin deposits.
Read more: How to Buy Ethereum (ETH) and Everything You Need to Know
The report comes only hours after his proposal to engage the German government to salvage its Bitcoin sell-off and minimize market impact. While the idea was noble, the offer stirred mixed reactions, with speculation of a possible market manipulation case.
“I believe that the German Government should reject Justin’s offer to buy the BTC via a private OTC transaction. That action, although noble sounding, would indeed be market manipulation, as well as, potentially lead itself to corruptive or unethical practices. This is where only people with the right contacts have access to these BTC and potentially at a less than market price. Also, nothing guarantees that the buyer won’t turn around and dump part of the holdings themselves,” Founder & CEO of Blockpliance Guillermo Fernandes told BeInCrypto.
Whether the German Government will take up Justin Sun on his offer remains unknown. Meanwhile, the market continues to endure bearish sentiment, with experts reporting extreme fear. According to Coinglass, over $104 million in ETH liquidations happened in the last 24 hours.
Read more: Ethereum (ETH) Price Prediction 2024/2025/2030
![ETH Liquidations, after Ethereum price dipped](https://beincrypto.com/wp-content/uploads/2024/07/ETH-LIq.png)
The crypto community’s eyes remain peeled on the week of July 15. According to Bloomberg analysts James Seyffart and Eric Balchunas, this is the revised timeline for possible ETH ETF launches as prospective issuers submit their amended S-1 forms. Nevertheless, Seyffart acknowledged “fairly low confidence in those launch date predictions.”
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Cardano (ADA) Reaches Local Top, Poised to Decline Further
![](https://coin2049.io/wp-content/uploads/2024/05/BIC_ADA_cardano_general.png)
During the intraday trading session on July 4, Cardano’s (ADA) Age Consumed metric rose to a 35-day high, suggesting that previously dormant tokens have begun to change hands.
This surge has since been followed by a decline in the altcoin’s price, signaling that a local top has been reached.
Cardano Long-Term Holders Are on the Move
On July 4, 1.32 billion ADA coins worth approximately $433 million at current market prices were moved, as indicated by the spike in its Age Consumed metric.
![Cardano Age Consumed. Source: Santiment](https://beincrypto.com/wp-content/uploads/2024/07/Cardano-ADA-09.51.38-05-Jul-2024-850x288.png)
An asset’s Age Consumed metric tracks the movement of its dormant coins. The metric offers insight into the behavioral shifts of an asset’s long-term holders. This cohort of coin holders rarely moves their dormant coins around. Therefore, it is noteworthy when they do because it often precedes a shift in market trends.
The Age Consumed Metric can be a marker of a price bottom. This occurs when a spike in the metric’s value is followed by an asset’s price rally.
Read More: How To Buy Cardano (ADA) and Everything You Need To Know
Conversely, it is also an indicator of a price top. This occurs when the metric spikes and the asset’s price falls. A price top refers to an asset’s highest price before a sustained decline.
At press time, ADA trades at $0.32. Its value has declined by 17% in the past 24 hours. For context, the altcoin traded at $0.39 when its Age Consumed surged. This price level represents its local top.
ADA’s daily trading volume has surged by 23% during the same period. This creates a bearish divergence between the coin’s price and trading volume, hinting at the possibility of a continued price decline.
![Cardano Trading Volume Source: Santiment](https://beincrypto.com/wp-content/uploads/2024/07/Cardano-ADA-09.54.27-05-Jul-2024-850x288.png)
In the past 24 hours, ADA’s daily trading volume has totaled $707 million.
ADA Price Prediction: The Current Downtrend is Strong
ADA has been on a downtrend since the beginning of July. At its current price, the altcoin trades at a low last seen in November 2023.
ADA’s Aroon Down Line is 100%, confirming the strength of the current downtrend. This indicator measures an asset’s trend strength and identifies potential trend reversal points. When its Down Line is close to 100%, the downtrend is strong, and the most recent low was reached relatively recently.
If the bearish bias towards the altcoin continues to gain momentum, ADA’s value may dip to $0.31.
Read More: Cardano (ADA) Price Prediction 2024/2025/2030
![](https://beincrypto.com/wp-content/uploads/2024/07/ADAUSDT_2024-07-05_09-56-11-850x433.png)
However, if buying pressure spikes, it may push the coin’s price to $0.34.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
US Job Market Sees Growth in June as Crypto Market Slumps
![](https://coin2049.io/wp-content/uploads/2024/07/bic_bitcoin_sv_bsv-_2-covers_bearish.jpg.optimal.jpg)
The US Bureau of Labor Statistics reported Friday that employers added 206,000 jobs in June. The unemployment rate rose slightly to 4.1%, above the estimated 4.0%, while average hourly earnings remained at 0.3% monthly.
Although this suggests that the US job market continues to experience healthy growth, there has been a muted response in crypto markets.
New Jobs Created Beats Analysts Estimate
According to the Bureau of Labor Statistics, the US economy added 206,000 jobs in June. While this represented a 6% decline from the 218,000 jobs added in May, it exceeded analysts’ forecasts of around 190,000 new positions.
![](https://beincrypto.com/wp-content/uploads/2024/07/US_Non_Farm_Payrolls-850x581.png)
During that month, unemployment rose slightly to 4.1%, a 2% hike from the projected 4.0%. Steadying at 4%, June’s unemployment rate suggested that the number of unemployed people as a percentage of the labor force remained stable.
Further, average hourly earnings increased by 0.3% in June, matching forecasts. This reflects steady, albeit slow, wage growth for US workers.
Crypto Markets Fail to React
While the report suggests the US job market continues to experience positive momentum, the cryptocurrency market has failed to react. Still declining as of this writing, the global cryptocurrency market capitalization has dropped by 6% in the past 24 hours.
![Global Cryptocurrency Market Capitalization.](https://beincrypto.com/wp-content/uploads/2024/07/Screenshot-2024-07-05-at-14.29.50-850x268.png)
The value of the leading crypto asset, Bitcoin (BTC), has plummeted by 3% during that period. At press time, BTC trades at $55,249.
Its price movements, assessed on an hourly chart, confirm the decline in trading activity despite the positive outlook offered by the Nonfarm Payrolls report.
As of this writing, the coin’s Relative Strength Index (RSI) is 40.76, resting below the 50-neutral zone. This indicator measures the asset’s overbought and oversold market conditions. At 42.49, BTC’s RSI shows that selling pressure currently dwarfs buying activity.
If this trend continues, the coin’s price may plummet further to exchange hands at $54,553.
Read more: Bitcoin Price Prediction 2024/2025/2030
![](https://beincrypto.com/wp-content/uploads/2024/07/BTCUSDT_2024-07-05_14-31-17-850x414.png)
However, if sentiment shifts from bearish to bullish, the coin’s price may rally to $55,427.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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