Polygon (MATIC) price was a clear proof that global market concerns are and can influence cryptocurrency performances. The nearly 5% drop MATIC underwent when US Fed Chair Jerome Powell and US Treasury Secretary Janet Yellen were speaking is a telling sign that needs to be factored in going forward. With their dire message, the current longer-term recovery rally will take a small dip and search for support with the first focal point nearby at $0.96 or 15% lower.
Polygon price sees its recovery rally from March broken as the sentiment has turned since last week. After its peak at $1.25, Polygon bulls have been giving up on holding important levels such as the 55-day Simple Moving Average (SMA), the pivot level at $1.187 and no new highs being printed for this week. A much more telling sign that clearly another bank collapsing or more turmoil means MATIC traders are pricing in a higher risk premium.
Cryptocurrency traders have been erroneously pumping a dead token called ARbit, causing it to rise 2000% in the past eight days from $0.00024 to a peak price of $0.027. The uptick came as traders confused it for Arbitrum, whose airdrop is slated for later today at 17:00 GMT.
However, the value of ARbit dropped after traders realized it was the wrong token, but it is still 109% up compared to its market value 24 hours ago, trading at $0.01356 at the time of writing. Its trading volumes are also relatively high over the same time frame, considering the mistake, with a reading of $10,430 on CoinMarketCap. This is a 12% increase in its 24-hour trading volume.
The narrative of Ethereum Layer 2 solution token’s is heating up with the shift in focus to altcoins. Bitcoin and Ethereum price rallies grinded to a halt after the recent rate hike announcement by The Fed. Typically, this shifts focus to altcoins and token holders can benefit from the alt season and upcoming L2 airdrops.
Polygon Network’s native token MATIC and MetisDAO’s METIS have witnessed accumulation since March 12. This coincides with the time when market participants were hit by the global banking crisis. Typically, accumulation by token holders fuels a bullish thesis for the asset.
