MATIC investors can expect the next bullish rally after…

Sandeep Nilewal, co-founder of ribbed [MATIC] He recently tweeted about the growing ecosystem of games on the Polygon Network. According to the tweet shared by the co-founder, Polygon was the largest blockchain in gaming.

Apart from this, recently polygon release Brand new zkEVM – A Layer 2 extension to Ethereum that addresses scalability issues by processing end-to-end transfers that are combined into a single transaction.

Interestingly, CryptoDep, a popular crypto-centric Twitter handle, also tweeted ribbed It ranked fourth among the best projects with a market capital of less than 50 million dollars. Polygon was behind BNB, Cardano [ADA]Solana [SOL]and Polka Dot [DOT].

Despite the positive nature of this development, None of that was reflected in the MATIC chart as it posted negative growth of more than 3% over the past seven days. according to CoinMarketCapAt the time of writing, MATIC is trading at $0.7997 with a market capitalization of over $6.98 billion.

Here AMBCryptos Polygon Price Prediction (Matic) for the year 2023-24

Did you lose your mate?

some matStatistics on the chain supported the token and indicated that good days awaited us. For example, after last week’s drop, MATIC’s Realized Value (MVRV) market capitalization is up slightly, which is already a positive sign.

Source: feeling

In addition, the number of daily active addresses has increased over the past week, which indicates that there are more users on the network.

CryptoQuant’s Analysis Company data It also revealed that MATIC’s foreign exchange reserves continued to decline, indicating a decrease in selling pressure, which increases the chances of a rally.

Surprisingly, MATIC volume also increased last week, but at the time of writing it was down. In contrast to the above development, Santiment data showed a decrease in the growth of the MATIC network.

Source: feeling

Hope for the best

matThe daily chart gave investors hope as some market indicators supported a price rally in the coming days. The 20 day EMA (green) rested below the 50 day EMA (red), increasing the chances of a bullish crossover soon.

In addition, the MATIC Money Flow Index also posted a slight increase, which was bullish. However, Chaikin’s money flow had declined and was heading towards a neutral position.

Similarly, the Relative Strength Index (RSI) also settled at the neutral mark, preventing the price of MATIC from rising in the short term.

Source: TradingView

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