While the losses in altcoins in the crypto money market were around 2-4% on average, a share came from Santiment. Data analytics firm Santiment stated that 3 altcoins are trending upwards despite Bitcoin falling below $29,000. Santiment shared the following:
"#Polygon, #KucoinToken, and #Loopring are among the projects that are seeing an increasing level of social volume Tuesday. 25th ranked $MATIC, in particular, is seeing an increased in trading volume on a quiet Tuesday in trading thus far."
Technically speaking, MATIC is currently in the bottom zone of July 2021. If Bitcoin continues to decline 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.
Bitcoin price is $29,293.11 at the time of writing and BTC's last 24-hour trading volume is $27,827,388.055, according to data from CoinGecko. Polygon (MATIC) price is $0.632093, while the last 24-hour trading volume is $469.590.087. Loopring is changing hands at $0.537563 at the news hour, with a 24-hour trading volume of $285,189,821. Finally, KuCoin Token price is $16.59 and 24-hour trading volume is $8,413,305.
Could GameStop be the impetus for Loopring?
Loopring fell more than 50% earlier this month, taking heavy losses along with the rest of the market. The news that GameStop has launched its unattended storage wallet in Loopring L2 caused the LRC to increase in value by up to 30 percent yesterday.
Due to the continuation of the downward trend in the markets, the altcoin, which rose to $ 0.66 yesterday, quickly priced the GameStop news with the incoming profit sales.