Polygon: This achievement could turn investors’ heads towards MATIC as…

  • zkEVM Polygon has passed 14,000 transactions since its launch
  • MATIC’s statistics seemed to favor higher prices in the coming days

Sandeep Nailwal, Co-Founder of ribbed [MATIC]And the Recently posted an update regarding ZkEMV from Polygon. According to Sandeep, zkEVM recently crossed the 14,000 transaction mark, and that too non-stop.

This was an important development for the blockchain. The number of titles also increased, reaching more than 5,900.

However, this performance of Polygons did not reflect MATIC’s chart, as its price recorded a negative weekly gain of 15%. This can be a problem for investors. CoinMarketCap’s data He disclosed that MATIC, at the time of publication, was trading at $0.7977 with a market capitalization of over $6.9 billion.

Read polygons [MATIC] predict the price 2023-24

matOn-chain metrics shed some light on the current scenario and provided an understanding of what investors can expect from MATIC in the coming weeks.

Is this development sufficient?

Interestingly, some on-chain metrics have suggested that investors may be in for a surprise as MATIC’s price increases in the coming days. For example, MATIC’s market capitalization to realized value (MVRV) ratio has fallen dramatically. This may be an indication of a potential market bottom.

In addition, the social volume of MATIC has also been steadily high, which represents the token’s popularity in the crypto community. In addition to, matTrading volume also recorded an uptick, which was broadly a positive sign for the blockchain.

Source: feeling

Another bullish signal has been detected by CryptoQuant’s data, which indicated that the MATIC indicator was in an oversold position. This reinforced the possibility of a trend reversal in the coming days.

Interestingly, the MATIC gaming space was also active. Polygon has been investing in gaming for quite some time and recently increased gaming wallets by 50% while the total number of active on-chain wallets increased by 30%. This was also good news for the network.

Not all is well on this side of the chain

Despite most market indications of MATIC’s rise, not everything worked out in MATIC’s favor. MATIC’s net deposits from exchanges were high, indicating high selling pressure.

In addition, the total number of transactions showed a declining trend. This did not look promising for MATIC. The network’s NFT ecosystem also posted a decline over the past week as total NFT trading and USD trading volume declined.

Source: feeling

matThe daily chart indicated that the bulls are losing momentum and that the bears are starting to gain an advantage in the market. The exponential moving average (EMA) range revealed that the gap between the 20-day moving average and the 55-day moving average is shrinking at a fairly fast pace. This may increase the chances of a bearish cross.

A Moving Average Convergence Divergence (MACD) reading has complemented the EMA bands, as it also indicated a bearish acquisition. The Relative Strength Index (RSI) for MATIC posted a slight decline and settled below the neutral mark, which could pose a problem for the potential upside for MATIC.

Source: TradingView

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