Although Bitcoin’s falling below $29,000 again makes investors nervous, we see that there is no serious regression in the altcoins that are already waiting at the bottom.
While the losses in altcoins were around 2-4% on average, a share came from Santiment.
Data analytics firm Santiment noted that 3 altcoins are trending upwards despite Bitcoin falling below $29,000.
Santiment used the following statements in his post:
“Today, the social volume of Polygon (MATIC), Kucoin Token and Loopring (LRC) has increased. In particular, MATIC, which is in the 25th place, seems to have increased its trading volume, although it shows a calm price movement.”
🗣️ #polygon, #KucoinTokenand #Loopring are among the projects that are seeing an increasing level of social volume Tuesday. 25th ranked $MATIC, in particular, seeing an increase in trading volume on a quiet Tuesday in trading thus far. https://t.co/CsEOaHmP4c pic.twitter.com/cM9VKb1uz3
— Santiment (@santimentfeed) May 24, 2022
Technically speaking, MATIC is currently in the bottom zone of July 2021. If Bitcoin continues bearish and MATIC loses the $0.621 level, we could see a pullback to the $0.425 levels.
For investors who think that Bitcoin will bounce from here, MATIC is trying to hold on to the support point for now. Those who want to take risks can evaluate below $ 0.621 as a stop at a 4-hour close.
*Not Investment Advice.