MATIC, the ticker for the cryptocurrency that powers the Layer-2 Ethereum scaling solution polygon, has been pulling back sharply over the past few days, after being overbought earlier this month according to the 14-day Relative Strength Index. This happened at the same time that MATIC hit a new multi-month high in the $1.57 area, and the cryptocurrency is now down around 15% near $1.34. For now, MATIC is north of its 21-day moving average (DMA) and the resistance-support area around $1.30.
Crypto experts give their price predictions
Impressive growth seen in the Polygon ecosystem recently – according to popular YouTube channel Altcoin Buzz – earlier this week, Solana managed to surpass Solana in terms of daily NFT sales (by USD volume), second only to Ethereum that day As the second highest ranking, according to Cryptoslam.io. Over the past seven days, NFT sales have generated a total of nearly $7.5 million, ranking as the third largest on the blockchain.
And this comes before NFT trading platform Y00ts has also deployed on the Polygon Protocol, Altcoin Buzz quoted Polygon’s co-founder as pointing out. The huge growth in the Polygon ecosystem is evident in other metrics. Daily fees have also increased, according to data presented by Token Terminal, reaching a high of nearly $350,000 earlier this month, more than 10 times the previous annual level.
That jump in fees means it’s looking as cheap now as it has been all year, based on the circulating market capitalization/fee ratio. The ratio stood at around 215, down from an earlier annual high of 500. ,
If MATIC finds support within the bullish trend channel, a quick return to the earlier monthly highs in the $1.56 area is likely. With all major moving averages rising higher, Polygon growth continuing to impress the numbers and the broader cryptocurrency markets looking healthy this year, despite the most recent pullback, MATIC bulls are confident that late March/early April 2022 Has a high level of potential. price prediction Thus the momentum is maintained.
Is it too late to buy a Matic?
asking what Its very late Buying property is never the right question. The right question is whether a property should be bought or not. And it depends on how an investor measures its long-term price performance outlook.
If based on your own research, you think that MATIC presents a good risk-reward at current prices and that prices are likely to rise significantly in current years, then it’s probably something worth buying. This is regardless of the recent performance of the coin. If you don’t consider MATIC to be a good risk-reward proposition, stay away.
Matic Options to Consider
Matic’s near-term outlook looks bullish. But traders looking for quick profits may want to consider other high-potential tokens, such as crypto projects promising to be sold in pre-sales. We have reviewed some of the best candidates in this list of the top 15 cryptocurrencies for 2023, as analyzed. cryptonews Industry Talk Team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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