• The total crypto market capitalization was on the verge of breaking the $1.2 trillion mark, which is good news for investors and traders.
• Despite the bullish sentiment in Bitcoin and Ethereum, altcoins like Polygon (MATIC) have not seen a similar rally.
• Market indicators such as Open Interest showed bearish sentiment had waned, while funding rate could slip below zero to signal further bearishness.
Bullish Signs For Crypto Market
The total crypto market cap was on the brink of surpassing $1.2 trillion, which was good news for investors and traders alike. This indicated that capital inflow was entering into the market and Bitcoin’s Q1 2023 rally could carry over to Q2 as well.
Despite the bullishness across major cryptos such as Bitcoin and Ethereum, many altcoins did not experience a similar surge in prices. In fact, some gains were quickly wiped out as BTC Dominance continued to trend higher.
Market Indicators Show Mixed Results
Open Interest had been rising higher over the past week even though MATIC’s price had been slipping lower – this indicated that speculators were shorting the asset despite its declining value. However, more recently participants seemed to be taking a more neutral stance towards MATIC with 1-hour chart from Coinanalyze showing this lack of direction in sentiment. The funding rate also experienced a sharp decline in the last 24 hours but could still slip back below zero to reflect further bearishness in the market currently however it is yet to be seen whether or not this will happen.
Order Blocks To Watch Out For
The daily structure of MATIC was bearish at present and bulls can look at buying opportunities near the H4 bullish order block at $1.05 if they want to ride any positive reactions from impending breakout attempts by MATIC’s price action.
Overall, it appears that sentiment behind MATIC has shifted away from being purely bearish towards one with more indecisiveness among participants – which may end up being beneficial for those looking for entry points into Polygon’s tokens before any potential breakouts occur again soon..