Are Polygon’s efforts to go green unsuccessful due to opposition to MATIC in red

After the recent successful completion of Ethereum [ETH] Incorporate many other codes that have benefited from it. And it happens to be one of them ribbed [MATIC].

The Polygon blockchain previously made several efforts to reduce the network’s footprint by launching the Green Manifesto. But it recently announced that its network footprint has shrunk by 99% thanks to the merger.

Despite this positive development, MATIC has lagged behind ETH in terms of price action. The MATIC chart is mostly drawn in red. At press time, MATIC is trading at $0.8126, a negative 9% growth over the past seven days. Alt’s current market capitalization is $7,090,824,898.

Source: CoinMarketCap

What cooks in society?

Although there are many other developments in society with the possibility of leadership matTo top it off, the stars weren’t in MATIC’s favour. For example, MATIC is listed on the Binance Card in Argentina. This will enable its holders to make purchases at more than 90 million merchants around the world.

However, several metrics in the series indicate that instead of a rally, we can expect further declines in the coming days. Santiment data indicated that the MATIC 30-day realized market capitalization ratio (MVRV) was declining. This only points to some dark days ahead.

In addition, MATIC volume has also decreased, which is a bearish signal in general. MATIC’s net deposits on exchanges were higher compared to the seven-day average, indicating higher selling pressure.

Source: feeling

However, many metrics were also in favor of the token, giving hope for a price hike in the following days. Interestingly, after dropping significantly over the past month, MATIC development activity registered a slight uptick last week. So this can be considered a positive sign as it reflects the developers’ efforts to improve the network.

In addition to, matThe number of NFT transactions also increased last week which means more active users. Hope for Better Days is backed by CryptoQuants data. MATIC’s Relative Strength Index (RSI) was neutral, indicating that the market could move in either direction.

Source: feeling

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