Polygon Launches zkEVM Mainnet! Here’s How MATIC Price is Going to React Next
The decline in the price of Polygon (MATIC) by almost 5% during the speeches of US Fed Chair Jerome Powell and US Treasury Secretary Janet Yellen serves as a compelling indication that global market concerns can influence the performance of cryptocurrencies. This event should be considered a significant factor in determining Polygon’s future price movements. Despite its recent price crash, MATIC is preparing for a rebound with major network developments.
Polygon Brings Hope with Its zkEVM Launch
In the past few days, the price of Polygon has been experiencing a rebound as the overall sentiment has become optimistic following the launch of its zkEVM. Moreover, Polygon and Immutable, two significant players in the Ethereum scaling arena, have joined forces to build a novel network tailored for Web3 gaming that will leverage Polygon’s highly anticipated zkEVM technology.
Due to its recent collaborations with leading institutional investors, the Polygon (MATIC) blockchain network has solidified its place among the top 10 cryptocurrencies by market capitalization. The creators of the project have already set their sights on a top 3 position, but it remains a significant challenge for MATIC to surpass six major cryptocurrencies and reach the same market size as Bitcoin and Ethereum.
As Polygon recently released its beta version of its zero-knowledge Ethereum Virtual Machine (zkEVM) publicly, it marks one of the most anticipated blockchain trends of 2023. Hence, it is expected that the launch will have a significant positive impact on the cryptocurrency’s price in the short term. The mainnet’s introduction will likely result in reduced transaction fees for users and lower data costs for the network.
MATIC Price to Breakout Above this Level
MATIC price is currently consolidating between EMA-100 and EMA-200 trend lines as there is intense domination from market bears after a severe crash. However, Polygon’s price is now preparing for a reversal as it attempts to form bullish candles in the price chart after forming a support near $1.06.
As of writing, MATIC’s price is trading at $1.08, with a decline of over 3% in the last 24 hours. Though the price has not witnessed much action following the launch, it is expected that investors will soon start buying the dip to maximize their gain in the next few hours.
Analyzing the daily price chart, the $1.1 resistance level is crucial for validating a bullish trend for MATIC’s price. A breakout above this level will send the MATIC token to trade near the next resistance of $1.14, from which an upward rally to $1.2 may be observed.
Cardano (ADA) price prediction 2023, experts think RenQ Finance (RENQ) and Polygon (MATIC) are better buys for this year.
Cardano (ADA) is a cryptocurrency that has been gaining popularity among investors and traders alike. It is a decentralized platform that aims to provide a more efficient and secure way to handle transactions and develop decentralized applications.
While there is no doubt that Cardano has a lot of potentials, many experts believe that other cryptocurrencies, such as RenQ Finance (RENQ) and Polygon (MATIC), may be better buys for the year 2023.
Overview of RenQ Finance and Polygon
RenQ Finance is a DeFi platform that utilizes advanced AI technology to provide efficient and cost-effective financial services. It offers a range of services such as cross-chain exchange, liquidity provision, and yield farming. RenQ has gained significant attention in the crypto space due to its innovative approach to DeFi.
Polygon (formerly known as Matic Network) is a Layer-2 scaling solution for Ethereum that enables faster and cheaper transactions on the network. It provides a framework for developers to create and deploy decentralized applications (dApps) and offers interoperability with other blockchains. Polygon has gained popularity due to its ability to offer solutions to Ethereum’s scalability issues.
Why Experts Prefer RenQ Finance (RENQ) over Cardano (ADA)
RenQ Finance (RENQ) is a decentralized exchange that operates on multiple chains, offering non-custodial trading directly through its wallet app. Its goal is to establish a cross-chain network that enables the seamless and affordable exchange of assets between previously isolated blockchains.
Experts predict that RenQ Finance (RENQ) will outperform Cardano (ADA) in 2023 for several reasons. One of the main reasons is that RenQ Finance (RENQ) has a real-world use case and provides a user-friendly DeFi platform that is easy to use for traders of all levels. RenQ Finance (RENQ) has shown impressive potential with its ongoing presale stages, and investors are excited about its prospects. In contrast, Cardano (ADA) is still developing and has not yet achieved the level of adoption that RenQ Finance (RENQ) has.
Another advantage that RenQ Finance (RENQ) has over Cardano (ADA) is its cross-chain compatibility. This feature allows RenQ Finance (RENQ) users to transfer assets between other blockchain networks, providing more flexibility and accessibility to the platform. In contrast, Cardano (ADA) is limited to its blockchain network, which may restrict its growth potential.
Why Experts Prefer Polygon (MATIC) over Cardano (ADA)
Polygon (MATIC) is another cryptocurrency that experts believe may be a better buy than Cardano (ADA) in 2023. Polygon (MATIC) is a Layer 2 scaling solution that provides faster and cheaper transactions on the Ethereum blockchain. Its goal is to address the scalability issues that have been affecting the Ethereum blockchain for years.
Experts predict that Polygon (MATIC) will outperform Cardano (ADA) in 2023 because of its strong fundamentals and growing adoption. Polygon (MATIC) has a wide range of use cases, including DeFi, NFTs, and gaming, which makes it more versatile than Cardano (ADA). Additionally, Polygon (MATIC) has a large and active community that is constantly promoting and marketing the cryptocurrency, which is crucial for its growth.
Another advantage that Polygon (MATIC) has over Cardano (ADA) is its interoperability. Polygon (MATIC) is compatible with multiple blockchain networks, which allows users to transfer assets between different blockchain networks seamlessly. This feature provides more flexibility and accessibility to the platform, making it more appealing to investors and traders.
Conclusion
While Cardano (ADA) has a lot of potential, experts predict that RenQ Finance (RENQ) and Polygon (MATIC) may be better buying for the year 2023.
RenQ Finance (RENQ) offers a real-world use case and provides a user-friendly DeFi platform, while Polygon (MATIC) has strong fundamentals and growing adoption. Both cryptocurrencies have cross-chain compatibility, which provides more flexibility and accessibility to the platforms.
As always, it is essential to conduct thorough research and exercise caution before investing in any cryptocurrency.
Click Here to Buy RenQ Finance (RENQ) Tokens.
Visit the links below for more information about RenQ Finance (RENQ):
Website: https://renq.io
Whitepaper: https://renq.io/whitepaper.pdf
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Bitcoin Price Prediction 2023, this is why whales are buying Polygon (MATIC) and RenQ Finance (RENQ) instead
Bitcoin, the world’s first and largest cryptocurrency, has been the subject of intense speculation and analysis since its inception in 2009. It has seen a meteoric rise in value, reaching an all-time high of nearly $69,000 in November 2021, but has since experienced a significant pullback.
As 2023 progresses, many investors are wondering whether Bitcoin will bounce back and continue its upward trend, or if other cryptocurrencies like Polygon (MATIC) and RenQ Finance (RENQ) are more promising investment opportunities.
Bitcoin Price Prediction 2023
Bitcoin’s fate in 2023 is still up in the air, but industry experts have predicted a significant price surge for the cryptocurrency. According to Coinpedia’s projections, Bitcoin is set to reach $43,959 by the end of 2023.
Other analysts have made similar predictions, with some even speculating that Bitcoin could reach a new all-time high of nearly $69,000.
Polygon (MATIC)
Polygon (MATIC), previously known as Matic Network, is a Layer 2 scaling solution for Ethereum that aims to make the Ethereum network faster and more affordable. It has seen significant growth in recent months, with its price increasing by over 300% since the beginning of the year. Whales are buying Polygon (MATIC) because of its low transaction fees and fast transaction times, which make it an attractive option for DeFi users.
In addition, Polygon (MATIC) has established partnerships with major DeFi protocols like Aave and Sushiswap, making it an essential part of the DeFi ecosystem. With these partnerships, Polygon (MATIC) is positioned to become a leading DeFi platform in the coming years.
RenQ Finance (RENQ)
RenQ Finance (RENQ) is another DeFi project that has been gaining attention from investors. It is a comprehensive DeFi ecosystem that includes a wallet, decentralized exchange, cross-chain swap, and aggregation protocol. RenQ Finance (RENQ) has passed the Certik audit test, which gives investors confidence in the platform’s security and reliability.
RenQ Finance (RENQ) has experienced significant growth since its launch, with its presale being oversubscribed in the first and second stages, and the third stage ongoing having raised over $3 million in a short time. The platform’s institutional-grade liquidity and comprehensive suite of DeFi tools make it an attractive option for developers, traders, and investors.
As the DeFi market continues to grow, RenQ Finance (RENQ) is positioned to be a leading player in the industry.
Whales are buying Polygon (MATIC) and RenQ Finance (RENQ) instead of Bitcoin
Despite the optimistic outlook for Bitcoin, some investors are turning to other cryptocurrencies like Polygon (MATIC) and RenQ Finance (RENQ).
One of the main reasons for this shift is the increasing popularity of decentralized finance (DeFi) projects, which are built on blockchain technology and offer a wide range of financial services without the need for intermediaries.
The impressive presale of RenQ Finance, which is currently in its third out of eight stages, has been attracting whales due to its passing of the robust Certik audit. Over 126 million RENQ tokens have been sold, raising over $3 million from investors. The success of the presale has led to a surge in investor interest and confidence in the RenQ Finance project.
In addition to RenQ Finance, blockchain protocol Polygon Labs has also seen an influx of investment from whales. The platform has formed a strategic partnership with the Web3 gaming developer platform, Immutable, in a move aimed at accelerating the development of Web3 gaming.
According to a recent press release, Immutable will leverage Polygon’s zero-knowledge technology to simplify the onboarding process for game studios and developers in Web3. The alliance aims to provide businesses with a solution that accelerates time-to-market while giving them access to one of the largest and most liquid ecosystems for end users.
Conclusion
While Bitcoin’s future remains uncertain, cryptocurrencies like Polygon (MATIC) and RenQ Finance (RENQ) are proving to be popular investment options. The increasing popularity of DeFi projects is driving growth in these cryptocurrencies, making them an attractive option for investors.
With their unique features and capabilities, Polygon (MATIC) and RenQ Finance (RENQ) are positioned to be major players in the cryptocurrency industry in the coming years.
Click Here to Buy RenQ Finance (RENQ) Tokens.
Visit the links below for more information about RenQ Finance (RENQ):
Website: https://renq.io
Whitepaper: https://renq.io/whitepaper.pdf
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TMS Network’s (TMSN) Presale Is Selling Out Fast While Polygon (MATIC) And Cardano (ADA) Post Mixed Performance
The crypto market has been going back and forth for the last many months. This has caused many projects to lose momentum. Polygon (MATIC) and Cardano (ADA) have launched some new upgrades in recent weeks to sustain their market presence. However, a new project, TMS Network (TMSN), has impressed whales with its presale growth. TMS Network (TMSN) has grown by 1200% to raise over $3 million in just three weeks.
Polygon’s (MATIC) Hopes Are High With zkEVM
A popular Layer-2 scaling solution, Polygon (MATIC), has been built on top of the Ethereum blockchain. Polygon (MATIC) was developed to provide a faster, cheaper, and more efficient network for decentralized applications (dApps). Polygon (MATIC) utilizes sidechains and Plasma technology to offer high throughput at low transaction fees. Since its launch, Polygon (MATIC) has been bringing upgrades and increasing its partnerships to expand the ecosystem.
The upcoming launch of zkEVM has also made Polygon (MATIC) a hot investment topic. Polygon (MATIC) is one of the top 10 cryptocurrencies by market capitalization, at number 8. The price of Polygon (MATIC) has increased by 5% in the last seven days. Polygon (MATIC) currently trades at $1.17, which is 60% below its all-time high of $2.92.
Cardano (ADA) Benefitted From Valentine Upgrade
Cardano (ADA) is a blockchain platform that was built to provide dApp developers with a flexible, sustainable, and scalable platform. Cardano (ADA) works on the proof-of-stake consensus mechanism. Cardano (ADA) supports new-age decentralized applications with its multi-asset ledger and smart contracts.
Cardano (ADA) is currently in the 7th position by market capitalization. Recently, Cardano (ADA) rolled out its Valentine Upgrade to enhance the cross-chain functionality for DeFi applications. The price of Cardano (ADA) has increased by 4% in the last seven days. As a result, the current trading price of Cardano (ADA) is $0.34, which is 89% below its all-time high of $3.10.
TMS Network (TMSN) Increases Gains With 1200% Growth
TMS Network (TMSN) has been considered the best online trading platform that aims to help traders in the blockchain world. With a unique business plan, TMS Network (TMSN) has established a protocol that allows individuals to trade in a variety of digital assets, without facing issues like high fees, less transaction speed, and limited transparency.
TMS Network (TMSN) has completed stage 1 of its presale with a phenomenal growth rate. The presale round of TMS Network (TMSN) has secured investments worth about $3.25 million in just three weeks. As a result, the price of TMSN tokens has surged from $0.0047 to $0.039, showing a price appreciation of about 1200%. TMS Network’s (TMSN) commission-sharing model is also a hot investment topic. This revenue-sharing model will allow TMS Network to offer passive income to all TMSN token ($TMSN) holders by distributing earnings from the transaction fees.
The ecosystem of TMS Network (TMSN) covers a plethora of digital assets, including cryptocurrencies, futures, Forex, CFDs, and stocks. It can maintain high liquidity on the platform, allowing users to finalize their trades on the network instantly.
TMS Network (TMSN) guarantees transparent and error-free transactions. The platform supervises all proceedings by employing smart contracts and eliminates any scope for intermediaries. This allows traders to execute their trades on the network at nominal costs. All transactions on the network are recorded on a decentralized public ledger.
Scalability is another noteworthy quality of TMS Network (TMSN). It can manage a surge in the number of transactions without putting any undue pressure on its speed. The network also highlights the significance of financial education among traders through various resources, such as trading signals and market analysis.
Presale: https://presale.tmsnetwork.io
Telegram: https://t.me/TMSNetworkIO
Twitter: https://twitter.com/tmsnetwork_io
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Fetch.ai (FET), Avorak (AVRK), And Polygon (MATIC)
Keeping up with the latest news and trends in cryptocurrency can sometimes feel like a full-time job, but when you strike on the right project to invest in, the returns can be lucrative in ways some people only dream about. Three cryptocurrencies are looking strong for the next bullish trend.
Fetch.ai (FET)
The automation of smart contracts is the motivating idea behind Fetch.ai. It is a tool for creating and deploying software agents with intelligence that work together to offer services to people, businesses, governments, and other organizations. Despite the world’s increased connectivity thanks to the internet, it can sometimes appear disjointed and disorganized because so many resources are either not used at all or are used excessively during peak periods. Yet, Fetch.ai coordinates disparate entities in a system that could aid in the global optimization of services and networks through a combination of artificial intelligence and blockchain technology.
The FET token has performed well so far in 2023 and is looking very strong for the future, rated as a buy from most analysts.
Avorak AI (AVRK)
Avorak is a full set of automated workflow enhancement technology and trading assistance. With products ranging from AI writing to fully automated self-learning trading bots, Avorak is set to gain a huge customer list from both retail and corporate channels.
AVRK is the token required to access the system and acts as a credit. One of the best features of the fully automated systems includes revenue feedback, which means that AVRK holders will receive a share of the revenue that Avorak generates. This is huge, as it essentially provides a passive income to holders, but in a deflationary asset, a first for crypto.
With the ICO currently up and running, investors are taking note of this project, and analysts have marked this as a strong buy.
Polygon (MATIC)
Many are aware of Polygon’s MATIC coin and the Polygon blockchain products. What some may not be aware of is the large corporations that are getting on board the ecosystem. With partners already established, such as Adidas, Disney, and Adobe, Polygon is looking set for mass-scale adoption. The market cap on MATIC is already quite high and comparable to large company market caps in stocks, however, with easy access to the general public, MATIC is still likely to push well past its all-time high in the next few years. Want to learn more about Avorak AI?
Website: https://avorak.ai
Whitepaper: https://avorak-labs-and-technology.gitbook.io/avorak-a.i-technical-whitepaper/
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Polygon (MATIC) Set to Overtake Cardano (ADA) in Market Cap with COVO Launch on Uniswap
The cryptocurrency market is highly volatile and changing, with Altcoins prices fluctuating based on various factors. In recent months, two of the most popular cryptocurrencies, Polygon (MATIC) and Cardano (ADA), have been competing for market share and investor interest. Let’s examine the factors that could lead to Polygon overtaking Cardano in market cap.
Polygon leading DeFi Token COVO Gains 65% in Past Weeks
The future of DeFi on Polygon looks bright, with many new projects and investors flocking to the network. The low fees and fast transaction times offered by Polygon make it an attractive alternative to Cardano (ADA). As more users and projects migrate to Polygon, the network will likely continue to grow and attract more attention from the broader cryptocurrency community.
COVO, the leading DeFi Token in the Polygon ecosystem, is rising. COVO is the utility tokens of Covo Finance, a decentralized exchange built on the Polygon network, which has surged by over 65% in the past weeks on Uniswap V3 (Polygon). Covo Finance offers DeFi traders, and investors fast and low-fee trading solutions with up to 50x leverage, making it a popular choice among those looking to maximize profits while minimizing risks. One of the significant advantages of Covo Finance is that stakers of COVO tokens are rewarded in three ways. Firstly, they receive 30% of all generated protocol fees, paid in MATIC and escrowed COVO (esCOVO) tokens, which can be either staked or vested. Rewards incentivize users to hold COVO tokens, which helps to increase the token’s value over time. The value of the COVO token is expected to continue to rise as Polygon attracts more users to its network, making it an excellent opportunity for those looking to capitalize on the growth of Polygon (MATIC) crypto.
Polygon (MATIC) vs. Cardano (ADA): A Detailed Comparison
Polygon and Cardano are third-generation blockchain platforms aiming to provide faster and more efficient transactions than their predecessors. While Cardano is a standalone blockchain, Polygon (MATIC) is a Layer 2 scaling solution for Ethereum, designed to address the network’s scalability issues.
Both cryptocurrencies have seen significant growth in recent months, with Polygon currently ranking #8 in market cap and Cardano ranking #7. However, Cardano’s market cap is presently higher than Polygon’s, at $10.62 billion compared to $9.25 billion for Polygon crypto.
Factors That Could Lead to Polygon Overtaking Cardano in Market Cap
One of the critical factors that could lead to Polygon overtaking Cardano in market cap is increased adoption and usage of the Polygon network. Polygon has seen significant growth in recent months, with 227.25k addresses in profit and 320.99k addresses in the loss.
The on-chain transactions volume on the Polygon network has been volatile in the past week, with a 7-day high of $353.71 million on March 9th and a 7-day low of $39.24 million on March 5th. However, the 7-day average transaction volume has been relatively stable at 4.13k.
Additionally, the number of significant transactions exceeding $100,000 has been increasing, with a 7-day high of 313 transactions on March 10th, indicating that more large investors and institutions are interested in the Polygon network.
Developer Interest and Innovation
Another critical factor that could lead to Polygon overtaking Cardano in market cap is increased developer interest and innovation on the Polygon network. Polygon is a Layer 2 scaling solution for Ethereum, which means that it is compatible with Ethereum smart contracts and can leverage the Ethereum developer ecosystem.
Polygon has also introduced several innovative features and initiatives, such as the Polygon Grants program, which provides funding to developers building on the Polygon network. Additionally, Polygon has recently launched the Polygon Studios initiative, which aims to support the development of gaming and NFT projects on the Polygon network.
Partnerships and Integrations of Polygon (MATIC)
Partnerships and integrations with other blockchain projects and platforms can also drive the growth of a cryptocurrency’s market cap. Polygon has formed partnerships and integrations with several high-profile projects, including Aave, Curve Finance, SushiSwap, and the recent deployment of Compound Finance V3 on Polygon mainnet.
Launch of Polygon (MATIC) zkEVM Mainnet on March 27th
Polygon (MATIC) has announced the beta launch of its zero-knowledge Ethereum Virtual Machine (zkEVM) mainnet, which will take place on March 27th after three and a half months of battle testing. The system uses zero-knowledge proofs to validate transaction data before bundling and confirming them on Ethereum, enabling significant transaction cost savings. Polygon is not the only team working on a zkEVM solution, with other scaling providers such as zkSync and Scroll also developing similar technology. The development of the zk-rollup scaling technology has been ongoing for the past three years. Security has been the highest priority, with the system having undergone a series of tests and audits.
Market Trends and Sentiment
Finally, market trends and sentiment can also play a role in the growth of a cryptocurrency’s market cap. The cryptocurrency market is notoriously volatile and can be affected by various factors, including regulatory changes, investor sentiment, and global economic conditions.
While Cardano has seen significant growth in recent months, it has also faced criticism and skepticism from some analysts and investors. On the other hand, Polygon crypto has been gaining traction and support from the cryptocurrency community, with some experts predicting that it could become a top-performing cryptocurrency in the coming months and overtake Cardano (ADA) in market cap.
Big Crypto Moves: Whales Transfer $800M in BTC, ETH, XRP, and MATIC
Crypto whales have made multiple transactions in Bitcoin (BTC), Ethereum (ETH), XRP and Polygon (MATIC) worth over $800 million, according to Whale Alert. Blockchain-tracking platform Whale Alert reported that BTC investors transferred 25,820 BTC worth approximately $574 million in four transactions.
Meanwhile, in two ETH transactions, whales transferred 120,304 ETH worth over $188.5 million, with the source wallets either unknown or to Coinbase. Two XRP transactions saw the transfer of approximately $26.8 million worth of the digital asset, with the source wallet either Bitso crypto exchange or unknown.
And the destination wallet is either Bitstamp crypto exchange or unknown. The fourth digital asset, Polygon (MATIC), saw a transfer of a little over $11 million from an unknown wallet, with one transaction involving a transfer of $6.8 million to Coinbase, and the other involving a transfer of MATIC worth a little over $5 million to the institutional crypto trading platform FalconX from an unknown wallet.
Whale Watchers on Alert as Crypto Market Awaits Developments
Crypto market watchers are on alert as the movement of such large amounts of digital assets by whales often leads to market volatility. While the transfers themselves do not necessarily indicate anything about the current or future direction of the market, they are closely watched by traders and investors.
These latest moves by crypto whales come amid heightened uncertainty in the market, with recent events such as Silvergate Bank’s collapse causing a drop in trading volumes. Despite this, analysts suggest that the market is in a ‘calm before the storm’ phase and that anything can happen in the near future.
Crypto Whales Playing a Key Role in Market Movements
Crypto whales have become an increasingly important force in the crypto market, with their movements often having a significant impact on price movements. While the exact identities and motivations of these whales are not known, it is widely believed that they are institutional investors or high-net-worth individuals who can afford to make large trades that affect the market. As the market continues to mature, it is likely that the influence of crypto whales will only continue to grow.
Crypto Market News : Here’s What Next For Bitcoin (BTC) and Polygon (MATIC)
Bitcoin and Polygon (MATIC) are two digital assets that have experienced a lot of volatility recently. However, according to a top crypto strategist, both could be in for major moves in the coming months. The analyst, known as Kaleo, believes that MATIC, a token based on Ethereum, could be ready for a reversal, while Bitcoin could be consolidating before a parabolic surge.
Polygon (MATIC) Poised for Reversal
Kaleo is a pseudonymous crypto analyst with a large following on Twitter. He believes that MATIC is gearing up for a burst to the upside, but not before it dips down to below $1. Once it does, he predicts that it will reverse its trend and rally up to around $1.70.
Kaleo’s outlook is based on the trader’s chart, which shows that MATIC is likely setting up to take out its diagonal resistance. He thinks that diagonal breaks have led to major impulse moves for each leg higher throughout this uptrend.
Bitcoin Consolidating for Parabolic Surge
In addition to his MATIC prediction, Kaleo is also updating his outlook on Bitcoin. He believes that the king crypto could be consolidating in preparation for a parabolic surge in the coming months. His chart shows that Bitcoin could rally up to $45,000 in May before setting up a bull trap and correcting all the way down to around $37,000.
Despite the recent layoff news from Polygon Labs, the cryptocurrency market has been in a slow recovery mode since January 2023. However, the recent price pattern could lead to a further bearish movement for the altcoin. On the other hand, Bitcoin has demonstrated a steady pattern of ideal times for decision-making in crypto trading strategies – buy, hodl, and sell.
Looking Ahead
While there are no guarantees in the crypto market, his track record with timely altcoin calls suggests that traders could take his predictions seriously. With the crypto market still in the grips of bearish headwinds, it could be an opportunity to buy BTC before the price increases. As for MATIC, traders will have to wait and see if Kaleo’s prediction of a reversal comes true.
Polygon (MATIC) Price Crashes This Week, When Will it Rebound? (Polygon Price Analysis)
Polygon’s native token, Matic, has recently been among the most talked-about cryptocurrencies. The blockchain project aims to provide a scalable, fast, and secure platform for decentralized applications (dApps) and address the current limitations faced by Ethereum. Polygon’s unique address count has surpassed 350K, with a peak address count recently reaching around 750K.
In this article, we will be analyzing the current price of Matic and making a price prediction based on technical analysis and market trends. The critical support level for Matic is currently at $1.12, which means that if the price of Matic fell below $1.12, it would likely encounter intense buying pressure, as many traders and investors view this as a good buying opportunity.
Polygon DeFi Ecosystem Tokens seeing Exponential Growth
The Polygon DeFi ecosystem has been making waves in the cryptocurrency world, with its total value locked (TVL) hitting $1.44 billion. Projects building on Polygon, such as Covo Finance, are seeing exponential growth. COVO Finance aims to provide users with an easy and accessible trading experience directly from their cryptocurrency wallets. The platform enables users to trade popular cryptocurrencies, such as MATIC, BTC, and ETH, with low swap fees and zero-price impact trades. Users can crypto trade with up to 50x leverage, similar to centralized exchanges. However, users retain custody of their assets, unlike centralized exchanges.
COVO Token recorded a Surge of 70% in the Past Month
Staking COVO Tokens provides several benefits, including rewards such as 30% of all generated protocol fees and esCOVO tokens(Can be staked to be converted to COVO Tokens). MATIC rewards are collected from market making, swap fees, and leverage trading. Additionally, Covo Finance’s integration with the Polygon network could further promote the adoption of the network, which could also lead to a potential increase in the price of Matic. The growth of the DeFi ecosystem on the Polygon network is likely to impact the price of Matic in the long run positively.
MATIC Key Support and Resistance Levels
The price of Matic is stable at around $1.15 after the recent crash. Polygon (MATIC) is currently ranked #9 on CoinMarketCap, with a live market cap of USD 10B. It is worth noting that the key resistance levels for Matic are presently at $1.3 and $1.55. If the price of Matic rose above these levels, it could indicate a bullish trend and potentially attract more buyers to the market, potentially leading to a price increase.
Polygon (MATIC) Price Prediction
Based on the current market conditions and technical analysis, Polygon (Matic) price will reach $1.8 shortly. While there are no clear trends in the market, the current support level of $1.12 is likely to provide strong buying pressure for the cryptocurrency. However, it is essential to consider the factors that could influence the price of Matic and lead to a potential price increase.
The price of Matic is likely to remain stable in the short term, with a potential for an exponential increase in the coming months. One factor to consider is the increasing adoption of decentralized applications and the need for scalable and low-cost blockchain solutions. As more developers and users adopt the Polygon platform, the demand for Matic will likely increase, potentially leading to a price increase.
Polygon (MATIC) Technical Analysis
We will use a few key technical indicators to predict prices for Matic. As previously mentioned, the Relative Strength Index (RSI), Stochastic RSI Fast, Williams Percent Range, Bull Bear Power, and Ultimate Oscillator all indicate a neutral stance for Matic.
The Awesome Oscillator is also indicating a neutral stance for Matic. However, the MACD Level shows a buy signal with a current value of 0.0938, suggesting a bullish trend.
In summary, while it is difficult to predict the exact future price of Matic, it is possible that Polygon’s (MATIC) could reach $2 in the future if there is increasing adoption of the Polygon blockchain, growing institutional interest in cryptocurrencies, and a potential breakout above the critical resistance levels.
Polygon (MATIC) and Filecoin (FIL) Still Falling? The Orbeon Protocol (ORBN) Presale May Offer More ROI
Polygon (MATIC) and Filecoin (FIL) have been a part of the crypto market for many years. After the surges they both enjoyed at the start of 2023, it now appears they are slowly sinking again. However, Orbeon Protocol (ORBN), a new project in stage 9 of its public presale with a new token price of $0.0835, has piqued the curiosity of numerous prominent analysts as they say it could outperform many coins in the future. But what makes this project so unique? Keep reading and find out.
Polygon (MATIC)
Polygon (MATIC) is a Layer-2 scaling solution for Ethereum (ETH) designed to bring faster transactions at a lower cost. Individuals may use the Polygon (MATIC) coin for staking and interacting with decentralized applications (dApps) on the network.
Recently, we saw the deployment of Polygon (MATIC) ID – a new decentralized and autonomous identity infrastructure stack that Polygon (MATIC) developers may leverage to create privacy-related products.
No matter this new development, the Polygon (MATIC) coin has been struggling lately as it trades for $1.12, a decrease in the last 24 hours. The current price of Polygon (MATIC) suggests it lacks sufficient momentum to start a rally soon. Experts remain long-term bearish about Polygon (MATIC) as they foresee a fall to $1 soon.
Filecoin (FIL)
The InterPlanetary File System (IPFS), an open-source technology for sharing and preserving information, is the foundation of the decentralized storage network Filecoin (FIL). You can utilize the Filecoin (FIL) coin to sell or purchase storage space on the market.
Recently, Filecoin (FIL) announced that the FEVM would launch on March 14th 2023. Introducing the FEVM EVM would boost the standing of Filecoin (FIL) in the crypto industry by extending the ecosystem’s reach.
This news caused a slight surge for Filecoin (FIL) as numerous bulls are coming out of the woodwork. However, Filecoin (FIL) has a value of $6.10 with a market cap of $2.1B, down overnight. If Filecoin (FIL) falls below $6, it could sink to $5 sooner rather than later.
Orbeon Protocol (ORBN)
Orbeon Protocol (ORBN) will alter the entire venture capital and crowdfunding sector by providing an equal playing field for investors of all income levels. This unique blockchain-based investment platform will utilize fractionalized NFTs to help connect investors with Tier 1 startups more efficiently.
Not only that, these Orbeon Protocol (ORBN) tokens will be underpinned by actual equity or rewards in the companies they represent – meaning you can purchase shares in a brand for just one dollar.
Instead of waiting on traditional banks to provide you with the necessary funding, startups will raise funds faster using the Orbeon Protocol (ORBN) platform while diving into the Web3 space and expanding their communities simultaneously.
Orbeon Protocol (ORBN) will also include a wallet where you can store your NFTs and assets, a swap where you can swap various coins and more. All of these features will be powered by the ORBN token, which has a price of $0.0835 at this time. Since the Orbeon Protocol (ORBN) presale has already advanced to stage 9, experts believe the hype behind it may bring the value to $0.24 as the Orbeon Protocol (ORBN) presale ends.
If you wish to obtain governance, staking rewards and a 50% deposit bonus – sign up for the Orbeon Protocol (ORBN) presale that could evolve into a top-tier platform utilized by millions.
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Analyst Maps Important Levels for Bitcoin, Ethereum, and Polygon Matic
The largest cryptocurrency by market cap, Bitcoin (BTC), fell more than 6% on March 3. Bearish sentiment has once again taken over the cryptocurrency market, however, amid the rising FUD, analysts are still bullish in the long term.
Analyst Justin Bennett stated that Bitcoin bulls should closely monitor the $23,130 price for BTC. If bulls are unable to take back the mentioned crucial price region, the trader believes that Bitcoin may experience another sell-off.
The longer Bitcoin trades below that price range, the region becomes stronger as a resistance and hence a retake above $23,130 is crucial, according to the analyst. Bitcoin might advance near the $20,800 liquidity pool if Bitcoin bulls are unable to retake $23,130.
“If they can reclaim $23,130, then $23,800 is the next hurdle for buyers.But, for now, Bitcoin is range bound between the January trend line at $21,900 and the monthly open at $23,130,” he added.
Ethereum
Bennett believes that Ethereum (ETH) is following in Bitcoin’s footsteps. As long as ETH is trading below $1,600, the analyst believes it may be preparing for the next move down. Based on recent closing prices and this week’s lows, the $1,600 level is currently a fresh area of resistance.
“The monthly open is just above that at $1,605, so keep that in mind.If ETH bulls can’t reclaim $1,605 in the next few days, we’ll likely see a retest of $1,500 support, and below that is the $1,420 confluence of support,” Bennett said.
MATIC
Polygon (MATIC appears to be in danger of falling below $1, according to Bennett. He said that the fact that MATIC has (so far) been unable to get back above $1.179 is one thing that’s a little alarming. The next stop, assuming MATIC doesn’t fake out, is $1.056 if it closes below $1.1790.
“But all in all, MATIC looks increasingly weak, so I wouldn’t be surprised to see $1.056 tested in the coming days, if not the $1 mark or lower.”
Analyst Warns: MATIC May Struggle in Bull Market – Here’s Why
Polygon (MATIC) has emerged as a leading Ethereum scaling solution, enabling over 3.5 billion transactions and saving around $140 million every day in Ethereum gas prices. Institutional investors in Web3 enterprises, like Reddit, have come to trust it.
Despite this success, the United States financial regulatory agencies, including the SEC, are scrutinizing the PoS-secured blockchain. SEC Chair Gary Gensler has argued that all digital assets, except Bitcoin, are unregistered securities, causing concerns for Polygon’s regulatory compliance.
In order to improve its platform, Polygon (MATIC) is also concentrating on creating scaling solutions like Polygon zkEVM, Polygon Miden, and Polygon Zero.
Polygon (MATIC) Market Outlook
According to information from defillama, Polygon (MATIC) now has a total value locked (TVL) of about $1.16 billion. Some of the top projects on the network are AAVE, Quickswap, Balancer V2, and Uniswap V3.
However, the network is up against fierce competition from other Ethereum-based scaling solutions like Arbitrum, which as of February 23 has over 2.9 million members and $440 million in ETH saved, and a TVL of about $3.36 billion.
The Polygon network, according to InvestAnswers, an anonymous host with 441,000 YouTube followers, faces stiff competition from other layer-2 solutions and might not fare well in the upcoming bull market. Although Polygon performed well in the bear market, the analyst observes that assets that perform well in the bear market may not do so in the bull market.
Polygon Surges Ahead: Can MATIC Outpace Ethereum?
Polygon (MATIC) has become one of the most talked-about projects in the cryptocurrency world due to its explosive growth and numerous high-profile partnerships. The project has gained traction and made significant progress in the scaling and adoption of blockchain technology in recent years. Its success has led many to wonder if MATIC can outpace Ether as the go-to blockchain for corporations and the mainstream audience.
Bitboy Crypto, the popular YouTube channel run by Ben Armstrong, recently highlighted Polygon’s massive momentum and wind underneath its wings, leading to speculation that it could outpace Ethereum in the near future.
Explosive Growth on the Horizon
According to a recent announcement, Polygon has settled on March 27 as the launch date for its much-anticipated ZK EVM mainnet beta network. ZK EVM is a groundbreaking technology that aims to increase the speed of blockchain transactions and reduce their cost.
It generates cryptographic proofs to process transactions faster before those transactions are sent back to layer 1 networks, in this case, Ethereum. This technology is similar to that used by Polygon’s rivals, Solana and XRP, which have faster transaction speeds and unparalleled centralization. The adoption of ZK EVM by Polygon could help it to overtake Ethereum in the near future.
Partnerships Galore
Polygon has already signed partnerships with Dolce and Gabbana, Disney, and Stripe, among other major corporations. Instagram’s recent announcement that it would be using Polygon for its upcoming in-app NFT minting feature is another major endorsement.
Instagram has over two billion monthly users, which means lots of potential traffic for the Polygon network. Nike has also joined the bandwagon, with its Web3 Studio kicking off with Polygon NFTs. DraftKings and the PGA Tour have also jumped on the Polygon train, with their NFT player cards being built on the platform.
Polygon’s Stellar Performance
Polygon has been performing exceptionally well, with its daily active addresses recently surpassing those of Ethereum. Daily active users on Polygon have surpassed those on Ethereum, with the blockchain coming in second behind BNB Chain, which is known for being set up for a bunch of rug pulls. Polygon’s NFT sales on Open Sea have also beaten Ethereum for the second straight month. These low-cost assets are popular with investors and traders alike.
MATIC Price
The price of MATIC has risen dramatically over the previous two days, reaching the $1.25 threshold. Speed was gained, and MATIC is now clearly above the $1.30 resistance area. The price surged beyond the $1.50 barrier, an increase of roughly 25%. A peak was set close to $1.568, and a subsequent downward correction has begun, mirroring that of Bitcoin and Ethereum. There was a break from the $1.40 and $1.42 support levels, indicating more weakness in the market.
MATIC Price Shows Strong Signs Of Dropping Heavily! These Are The Levels Traders Need To Watch Out
Though the Polygon network is not stopping bringing revolutionary developments to the platform, MATIC’s price is losing bulls confidence in maintaining its uptrend.
However, recently, the developing team has sparked bullish expectations among MATIC traders as Polygon is set to launch its zero-knowledge Ethereum Virtual Machine (zkEVM), which is an Ethereum-compatible smart contract to run on Polygon with improved speed and efficiency.
This is a significant breakthrough for Polygon, as it can potentially make the platform one of the market’s most competitive Ethereum Layer 2 solutions.
MATIC Price Shows Unstable Momentum Ahead Of zkEVM Launch
The upcoming launch of the zkEVM has been touted as a game-changer for Polygon, and many investors and analysts have high hopes for the native token MATIC’s future price potential. The zkEVM aims to address the scalability and cost issues that have plagued the Ethereum network for years, allowing Ethereum-compatible smart contracts to run on Polygon with improved speed and efficiency. This could lead to a surge in adoption and value for the platform.
Moreover, MATIC price has surged over 60% in the last month, developing a buying opportunity for Polygon’s investors. The huge developments in the Polygon network have pushed the token, creating a challenging situation for Cardano as there is a strong battle in market capitalization.
Whale investors have increased their accumulation rate as on-chain data identifies huge transactions. According to WhaleStat, MATIC whales moved over 20 million MATIC tokens in the last two days, signifying their interest ahead of the zkEVM launch.
However, despite the potential benefits of the zkEVM, the price of MATIC has yet to show a clear bullish or bearish trend leading up to the launch. This could be due to a variety of factors, including overall market volatility, investor sentiment, regulatory scrutiny, and uncertainty surrounding the actual impact of the zkEVM launch.
MATIC Price To Plunge Hard To These Levels
The price of MATIC appears to have its sights set on reaching $1.5, but recent market trends have reminded investors that this may not happen anytime soon. The latest rejection has caused the formation of a descending pattern, and the price is currently heading toward a critical support level.
As of writing, the MATIC token trades at $1.4, with a drop of 5.4% in the last 24 hours. Looking at the daily price chart, MATIC price is preparing for a minor downward retracement. If MATIC witnesses bear domination near the immediate support of $1.37, it may extend its bearish rally below the 31.8% Fib level. A drop below the EMA-20 trend line may strengthen bearish analysis, and MATIC may trade near the Bollinger band’s lower limit of $1.14.
However, the MATIC token is not far behind breaking the crucial resistance of $1.5. A weekly candle above $1.56 may send the token to its next resistance of $1.75 ahead of the zkEVM launch.
This is When Polygon (MATIC) Price May Explode and Mark New ATH in 2023
Polygon price yet again faced rejection from the pivotal level very close to $1.5 and experienced a minor pullback. The market sentiments have slightly flipped under the notable bearish influence and hence the price could slightly drop and test the lower support soon. However, considering the wider range, the piece is believed to rise above the consolidation and mark new highs before the end of 2023.
MATIC price is currently manifesting its strength as the platform is becoming robust every new day. The price is holding much above the lower support and intends to reach the key levels in the next couple of weeks. However, before the bullish wave is triggered, the MATIC price may slide down slightly which may attract massive liquidity over the platform to rise high in the coming days.
The MATIC price after an extended accumulation has sparked a fine upswing to reach levels close to $1.5. The current bearish divergence may be extended as the volume remains heavily consolidated below the required levels.
Considering the above chart, it is quite evident that the volume spikes at frequent intervals, and hence the next volume growth is a little distinct. Until then, the MATIC price may display fake breakouts, testing the support.
With the upswing, the price may rise above $2 initially recording a jump of more than 60%, while the next target could be around $2.44. Meanwhile, the price may face some bearish actions at these levels but the rally is believed to continue ranging high to register more than 100% growth in the coming days. In such a case, the Polygon (MATIC) price may form new highs beyond $3 during H2 2023.
Polygon (MATIC) Price Prediction – Will MATIC reach $2?
The cryptocurrency market is constantly evolving, and one of the most talked-about digital assets over the past few months is Polygon (MATIC). The project has generated a lot of interest from investors and developers looking to capitalize on its immense potential. Whether MATIC will reach $2 has been on the minds of many investors and enthusiasts in the cryptocurrency world. With a host of new and exciting partnerships, Polygon is looking to revolutionize how people interact with the blockchain. But will this be enough to propel MATIC to $2?
Will MATIC Reach $2 in 2023?
Based on the analysis of the price history and factors affecting the price of MATIC, MATIC can reach $2 in 2023. It is due to its increasing popularity and the partnerships it has secured. This price prediction also hinges on Polygon’s progress on the launch of its zkEVM mainnet, as this will further cement its place as a leading Layer 2 scaling solution. If the project can progress on both the tech and the marketing fronts, we could see MATIC reach $2 by the end of February or March.
Covo, a Polygon Based Token, gained around 85% in the past Weeks
Covo Finance’s native COVO token has seen a surge in price over the past few weeks, climbing around 80% in value. This increase in demand for the token can be attributed to the low-fee structure and innovative liquidity pools that Covo Finance offers. COVO token holders are rewarded 30% of the platform’s generated protocol fees in Matic tokens and esCOVO tokens, which can be staked or vested to earn more COVO tokens. In addition, the platform’s focus on safeguarding users’ funds while providing trading solutions has made it a popular choice among DeFi traders and investors. With the option to leverage trade BTC, ETH, and MATIC with up to 50X, Covo Finance can offer traders a way to maximize their profits and manage risk. As the popularity of the Polygon network continues to grow, the demand for COVO will likely continue to increase, further driving up the token’s price.
Price History of MATIC
Polygon was launched in 2017 as a utility token for the Polygon (MATIC) network. MATIC’s initial price was $0.0026, which remained relatively stable for the first few years. However, the price began to rise in 2020, reaching an all-time high of $2.62 in May 2021. Since then, the price has fluctuated, with a low of $0.60 in July 2021 and a high of $1.86 in November 2021. As of February 19, 2023, the price of MATIC is $1.52.
There are multiple reasons why some experts are predicting Polygon (MATIC) will reach $2 shortly. One of the main reasons is the strong investor interest in Polygon DeFi Ecosystem and interest from fortune 500 companies to build on the Polygon blockchain. Polygon has also seen impressive growth in daily NFT trading volume, and experts predict it could reach a 2$ price soon.
Several large companies have announced partnerships with Polygon, which has massively boosted its popularity and credibility. Companies such as DraftKings Inc., Starbucks, Siemens, Adobe, and Foxconn have announced partnerships with Polygon, which has significantly boosted the project. These notable names have made it easier for Polygon to gain traction in the market.
Polygon has been gaining traction in the DeFi space, with many decentralized exchanges, lending platforms, and other DeFi applications migrating to Polygon. In this article, let’s talk about the price history and factors that may affect the price of MATIC in the future and make a prediction about whether it will reach $2.
The increasing number of DeFi projects migrating to Polygon and the rising demand for MATIC could drive up the price in the future. Additionally, the network’s scalability, fast transaction times, and low fees make it an attractive option for users and developers, which could further increase demand for MATIC.
Top Reasons Why Polygon (MATIC) Price Could Mark a New ATH Above $3 in 2023
The price of Polygon’s (MATIC) token has emerged as the leader among all other cryptocurrencies in the market, as it has recovered its pre-Terra levels. The token’s price has risen to a 9-month high, reaching beyond $1.4 and displaying the potential for continued bullish trends ahead. The platform has gained significant traction, with a spike in DeFi and NFT activities contributing to this trend.
In addition, the much-anticipated zk-EVM roll-up is set to launch in the last week of March, which is expected to kick-start the next bullish wave soon.
The MATIC price has been trading within a rising parallel channel, maintaining its trend within the upper bands. With the recent upswing, the price is attempting to break through the upper bands of the channel and secure levels beyond the higher target of $1.51.
The RSI has also maintained an elevated trend, and despite a minor plunge, the levels have been maintained above the average. Moreover, the buying volume has surged, indicating that bullish momentum may prevail for a longer period.
As the price surges above the crucial resistance at $1.5, the bulls may gain complete control over the rally. The price may continue to test higher resistance in the coming days, with $2 being the first threshold to surpass.
Furthermore, whale accumulation has intensified as retail traders increase their activity over the platform. Therefore, with the combined effort of investors and bulls, the MATIC price may rise heavily, marking new highs in 2023.
MATIC Price Is Waiting For A Bullish Trend Continuation! This Price Level Can Trigger An Uptrend For Polygon
Bitcoin’s 12% surge has lifted the crypto market, sending multiple altcoins above their crucial resistance levels. The last 24 hours have seen an uptick in the price of Bitcoin, which has fueled a bullish trend for other cryptocurrencies, including MATIC. Matic, which is Polygon’s native token, has seen an incredible breakout with continuous upward momentum recently, and many investors and analysts have now become bullish on the cryptocurrency’s future prospects.
Polygon Network Adds Bullish News
The recent market turmoil caused by macroconditions seems to have no effect on the Polygon network, as the developing team is actively working on bringing new developments. As the network is being favored by NFT enthusiasts due to low transaction costs, it gives a boost to MATIC’s price. Moreover, the MATIC community is waiting for the zkEVM mainnet launch, which is scheduled to go live on 27 March, as confirmed by the network’s co-founder Mihailo Bjelic.
Tom Dunleavy, an analyst at on-chain crypto firm Messari, has identified several key factors that are pushing Polygon (MATIC), the leading Layer-2 protocol, to achieve mid-to-long-term success. One of the primary indicators of Polygon’s positive and robust fundamentals is the significant increase in active addresses, which have seen a spike of nearly 90% year-on-year (YoY).
Additionally, Dunleavy pointed out that the MATIC token has a uniform distribution, with approximately 90% or more of the tokens already unlocked or distributed. As a Layer-2 protocol built on the Ethereum network, Polygon is pushing the limits of zk-Rollups technology with the launch of its zkEVM testnet, which will expand the platform’s capabilities and hit new highs by the quarter’s end.
Will MATIC Witness A Steady Increase?
MATIC price has experienced an uptick in buyers’ interest in accumulating the token after it surged by the influence of Bitcoin’s positive momentum. Though bears are trying hard to pull the token downward, MATIC price is showing no sign of dropping anytime soon.
As of writing, MATIC’s price hovers at $1.42 with an uptrend of over 11% in a single day. Looking at the daily price chart, MATIC may extend its bullish momentum if it holds above the triangle pattern at $1.4. Additionally, a trend continuation above the 23.6% Fib level at $1.51 may force buyers to accumulate more tokens, which may bring more strength with enough liquidity to push the asset near its next resistance of $1.75.
However, a flip at $1.52 may bring an uncertain situation, and investors may lose confidence in betting in the long term. If the RSI drops below the SMA-14, MATIC’s price may head toward forming a dip at the EMA-20 trend line at $1.2.
Crypto Market Analysis: SOL Stuck Within Range While MATIC & DOGE Spike as ADA Roars
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Bitcoin price is fluttering above the crucial resistance, uplifting the popular altcoins like Polygon, Dogecoin, Cardano, etc
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Besides, tokens like Solana continues to trade within narrow regions, being less impacted by the current market trends
The global crypto volume has spiked in the past 24 hours following the fresh CPI that was higher than the expectation. The BTC price jump was restricted below $22,200 and the following sideway trend enabled the other altcoins to intensify their trend. Some of the altcoins like Cardano (ADA) spiked high, while Polygon (MATIC) & Dogecoin (DOGE) followed. Interestingly, Solana (SOL) continues to hold the same region, failing to either break up or break down.
Dogecoin (DOGE)
- Dogecoin price is trading within a decisive symmetrical pennant rebounding from the 0.236 FIB levels which are acting as strong support levels
- With a rebound, the price is believed to rise finely to test the upper resistance of the triangle in the next few days
- However, if the price is able to break above the pennant, then it may certainly reach the 0.3 FIB level at $0.11 surpassing $0.1
Polygon (MATIC)
- The MATIC price is trading within a rising parallel channel in the larger time frame, intending to reclaim the immediate resistance at the earliest
- Although the price is falling a minor bearish action, the bulls appear to be determined to rise the price levels beyond $1.4
- After securing the levels above $1.4, the MATIC price may spark a rally towards $1.5 which are the crucial levels to achieve to keep up the bullish trend
Cardano (ADA)
- Similar to other altcoins, Cardano’s price also rose significantly and accomplished the parabolic curve that it ignited a couple of months ago
- Further, a minor contraction validated the formation of the Cup and Handle pattern that indicates a giant upswing could be fast approaching
- With a massive upswing, the ADA price is believed to rise beyond $0.4 and secure levels close to $0.45 which could be extremely crucial and tedious to clear
Solana (SOL)
- Unlike the other cryptos, the SOL price is maintaining a low-key trend in the short term, failing to attract the bulls at the moment
- The price appears to be stuck below $22 for the past few days and failed to rise high due to the depleted buying volume
- The price has formed a double-bottom pattern but failed to clear the neckline that may ignite a notable pullback very soon if bulls continue to remain aloof
Matic Surges In Price As Polygon’s DeFi TVL Hits $1.44 Billion
The Polygon DeFi ecosystem has been making waves in the cryptocurrency world, with its total value locked (TVL) hitting $1.44 billion. This impressive milestone has been largely driven by the surge in the value of the Matic token, which has seen unprecedented growth in recent months.
Recently, the Polygon network has also seen a 90-day high NFT trading volume on OpenSea, reaching $12 million in just one day. Furthermore, the network has launched its highly anticipated ZkEVM, a production-ready zk-rollup solution for Ethereum.
One of the main factors driving the growth of Polygon’s DeFi ecosystem is the increasing demand for low-cost, fast, and secure transactions. DeFi has been one of the hottest trends in cryptocurrency, with more and more people looking to participate in decentralized financial applications.
Covo, a Leverage Trading Platform on Polygon, Surges 80% This Week
The Matic price has been experiencing significant growth in recent weeks, with many tokens built on Polygon also seeing significant price increases. According to crypto price trackers, Matic has increased over 20% in the past 30 days. Covo Token, the native utility and governance token of COVO Finance, a Leverage Trading Platform built on Polygon, has also seen its value surge by 80% in recent weeks, attracting the attention of the MATIC’s community.
COVO Finance is a decentralized spot and perpetual exchange that enables users to trade popular cryptocurrencies such as BTC, ETH, MATIC, and others directly from their cryptocurrency wallets. The platform offers a better trading experience with low swap fees, zero-price impact trades, and the ability to trade perpetual futures with up to 50x leverage, similar to how it’s done on centralized exchanges. However, users keep custody of their assets using a cryptocurrency wallet, unlike centralized exchanges.
The Covo Token is the native utility and governance token of COVO Finance. Token holders can use it to vote on proposals to help decide the exchange’s future direction. Staking Covo Tokens provides several rewards, including 30% of all generated protocol fees, esCovo tokens, and Multiplier Points. The fees are collected from market making, swap fees, and leverage trading and are paid in MATIC. The esCovo tokens can be either staked for rewards or vested, and the Multiplier Points boost the yield and reward long-term holders without contributing to token inflation.
Polygon Launches Zero-Knowledge Proofs for Smart Contracts Execution
The launch of the recent ZkEVM is considered to be a significant milestone for the Polygon network. At the time of writing, MATIC was trading at $1.18 with a market cap of $10B. The ZkEVM provides a fast, secure, cost-effective solution for executing smart contracts on the Ethereum network. The solution leverages the power of zero-knowledge proofs to provide a high level of security without sacrificing speed or efficiency. According to a developer tweet, the ZkEVM prover’s results have been awe-inspiring, with batch proofs of 2:30 minutes and the ability to handle ~500 or ~250 ERC20 transactions per batch. The prover cost is $0.064 per proof ($0.0001 per transaction), making it the fastest and most affordable ZK technology.
The launch of the ZkEVM is a major step forward for the Polygon network and is expected to drive significant growth and adoption. The ZkEVM offers a fast, secure, and cost-effective solution that is well-suited for decentralized applications and DeFi platforms. The solution provides a much-needed alternative to the Ethereum network, which needs to improve with high gas fees and slow transaction times.
The Polygon network is doing incredibly well, with the launch of its ZkEVM and the surge in NFT trading volume on OpenSea due to Reddit collectibles. Polygon and its native token MATIC are well-positioned to capture the growing demand for fast, secure, and cost-effective solutions in the blockchain and cryptocurrency world. With its commitment to innovation and progress, the Polygon network is a promising investment opportunity for those looking to participate in the growth of the blockchain and cryptocurrency markets.
Polygon NFT’s Exploding- Here’s Why MATIC Price May Never Drop Below $1
AI-based tokens like Fetch.ai, SingularityNET, the Graph Token, etc have been on the rise throughout the week. It appears that the launch of ChatGPT and Microsoft’s investment in it did the job easier for the bulls. Amid the growing popularity of novel technologies,
Besides, Polygon is among the chains which have shined among the other Layer-2 scaling solutions. The upcoming mainnet upgrade with the inclusion of the zk-EVM could Polygon chain has been able to maintain a notable strength, flashing possibilities of testing higher targets in the coming days.
Swelling NFT Adoption
Ethereum is the leader of the DeFi and NFT space at the moment. However, other chains are also emerging as strong competitors including Polygon. It is the 4th largest NFT space by sales volume recording sales of $3.35 million with a jump of 30.64%. The no.of transactions also spike by more than 73% in the past 7 days where-in Ethereum experienced a drop p 4.16%.
Moreover, the daily volume of Opensea, one of the popular NFT marketplaces witnessed a major spike in the past couple of days accumulating more than $18.5 million.
Meanwhile, the monthly volume of Opensea on Polygon has surpassed $30 million in the first 10 days which is the highest level since May 2022. It is interesting to note that the total NFTs sold remained relatively low compared to the past 2 months. It indicates that the value of the NFTs on opensea has risen significantly.
How Will it Impact the MATIC Price?
The Polygon price has been displaying immense strength ever since the price rebounded from its bottom below $0.4 in June 2022. The price trigger a notable upswing since the beginning of 2023 and also broke above the ascending triangle in the past few days. While the price appears to be poised to reclaim the levels above $1.5, the prevailing bearish pressure may not hinder the progress of the rally.
The MATIC price has a strong support base slightly above $1 and has also acted as a trend reversal zone. Therefore, even if the price drops, it may trigger a rebound from $1.04 levels and rise high to surge beyond $1.5 after facing a slight hindrance at $1.4 levels. Collectively, the Polygon(MATIC) price appears to be extremely bullish in the long term and is hence believed to maintain a firm upswing ahead.
MATIC Price Sparks A Bearish Divergence! Polygon To Form Dark Clouds Below This Support Level
Polygon (MATIC) has been on fire in the altcoin market lately with a bunch of network upgrades, including the optimization of its staking and gas rates. As a result, the MATIC price has been pushing the boundaries and continues to break above crucial resistance levels.
Polygon network has also secured some significant partnerships, which have given it a huge boost and have helped drive its growth even further. However, MATIC’s resistance and support levels are inching closer, which may build a tendency for a downtrend.
Polygon Network Sees Bullish Fundamentals
The Polygon network has established its own league, setting new standards for layer-2 blockchain solutions. Polygon even surpassed the Ethereum network in providing unparalleled network efficiency. Moreover, powerful DeFi platforms, Aave and Uniswap, are migrating to Polygon, making a staggering result of a 3x surge in dApps on the network.
Additionally, the Polygon network is also ruling the NFT market as OpenSea reported 1.5 million NFT sales on the Polygon network, which is over 0.4 million NFT sales of Ethereum. The native token MATIC has also outpaced multiple coins recently with the sky-high TVL graph. Moreover, the daily transaction volume has witnessed multiple highs in the last few weeks, making it a lucrative investment opportunity in the community.
On-chain whale tracker, WhaleStats, revealed massive transactions between two MATIC whales, amounting to 2,061,476 MATIC worth around $2.6 billion. The massive momentum in the MATIC chain resulted in a significant surge of over 5%.
MATIC Price Forms Bearish Divergence
The fall of the Solana has played a significant role in giving the crown to the Polygon network in the NFT space. However, despite high trading volume in the MATIC price chart, the token has failed to bring any noticeable momentum till now. Additionally, rejections in MATIC’s ascending channel pattern have left investors on the verge of a bearish trajectory.
As of writing, MATIC’s price trades at $1.33, with a gain of 1.91% in the last 24 years. Analyzing the daily price chart, MATIC is poised to witness a severe downtrend in the upcoming days. MATIC develops a bearish convergence which is formed by the RSI with trading volume. If MATIC’s price fails to test its current resistance at $1.3, it may gear up for a negative momentum, which can bring the token down below the 31.8% Fib retracement.
If MATIC drops below the EMA-20 level at $1.16, it may take support at $1.08. However, the bearish analysis may become invalid if the token witnesses more interest from buyers and pushes its price above $1.5, from which a strong spike is expected to its Bollinger band’s upper limit of $1.84.
Cardano (ADA), Polygon (MATIC), and Orbeon Protocol (ORBN) Poised for massive growth
The world of cryptocurrencies is experiencing a surge of growth and innovation, with three projects in particular poised for massive success: Cardano (ADA), Polygon (MATIC), and Orbeon Protocol (ORBN). Orbeon Protocol (ORBN) is making waves as a groundbreaking DeFi initiative revolutionizing the crowdfunding and venture capital industries. With experts predicting a staggering 6000% rise to reach $0.24 by the end of 2023, now is the time to invest in this promising project and ride the wave of growth.
Cardano (ADA)
Cardano (ADA) aims to provide a secure, long-lasting, and interoperable platform for developing and deploying smart contracts and decentralized applications. Cardano (ADA) is dedicated to the advancement of the digital asset market. Cardano (ADA) was developed to address critical issues in the Bitcoin ecosystem, including scalability, decentralization, and security.
Cardano (ADA) will receive three significant upgrades in 2023. To begin, at least two new stablecoins will be introduced on Cardano (ADA). USDA will be launched on the Anses platform by the foundation behind Cardano (ADA). There is also the DJED stablecoin, which is being created in collaboration with Coti. This currency is marketed as an overcollateralized stablecoin.
Another significant improvement coming to Cardano (ADA) is Hydra, the network’s layer 2 scalability solution. Like previous scaling solutions, Hydra will allow transactions to be performed off-chain, relieving the load on the Cardano (ADA) main chain.
Polygon (MATIC)
Except for the fork, Polygon (MATIC) has had a great start to the year. Creating a number of high-profile projects and partnerships with well-known companies like Disney and Reddit, as well as a Web3 incubator with Mastercard.
Polygon (MATIC) also wants to reduce the severity of gas spikes and cut down on inefficiencies in chain reorganization so that finality can be reached faster. Polygon (MATIC) makes transactions happen faster and costs less in gas, which is good for the Ethereum blockchain. Polygon (MATIC) also gives full security and positive dynamics.
Analysts think Polygon (MATIC) will continue to skyrocket as long as the Polygon (MATIC) network continues to bring in people who aren’t used to crypto through new products from companies like Starbucks.
Orbeon Protocol (ORBN)
Orbeon Protocol (ORBN) is a groundbreaking DeFi project that will change the crowdfunding and venture capital industries. Orbeon Protocol (ORBN) connects investors and new businesses that want to raise money on a safer and more efficient platform.
Orbeon Protocol (ORBN) allows people to invest in companies with as little as $1. A fractionalized NFT shows how much ownership they have in the company. Orbeon Protocol (ORBN) lets regular investors put their money into companies they think will do well.
Using Orbeon Protocol (ORBN), startups can create other ways to get money. Using the Orbeon Protocol (ORBN) Launchpad, a new company can make fractionalized NFTs to raise money. These NFTs represent equity in the company and can be bought by retail investors.
The price of the Orbeon Protocol (ORBN) token is only $0.071. This is a great price point to start because many experts think it will reach $0.24 by the end. This is an increase of 6000%, so invest now and make the most of it. The price of Orbeon Protocol (ORBN) has increased by more than 1675% since its initial presale price.
Find Out More About The Orbeon Protocol Presale
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Polygon (MATIC) Prices Could Rise Above $1.3 If Buyers Remain In control
The year 2023 ushers in a period of positive optimism for most cryptocurrencies since many of them have begun rebounding from their lows. Polygon (MATIC) was not abandoned in this race.
In the last month, the token representing Ethereum’s internet of blockchains has increased in value by about sixty percent, making it one of the best-performing cryptocurrencies.
How Polygon’s February Could Be
Since the first of the year, the price of MATIC has shown consistent signs of improvement, as seen by the construction of a rounding bottom pattern. It is presently worth $1.19, and if the coin price demonstrates resilience over that mark, trades that have been on the sidelines might seize a chance to enter the market while also being aware that the recovery rally is still intact. Therefore, due to the effect of the rounding bottom pattern, the price of MATIC is positioned to surpass the neckline resistance of $1.3 in the near future.
The breakout of the neckline should, under ideal circumstances, result in a bullish rally that extends the same distance between the breakout point and the pattern bottom support as there is between the neckline and the bottom support. As a result, the Polygon coin price may surge by 50%, reaching the mark of $1.8 if it breaks over the $1.3 barrier. That is, presuming it reflects its past 30 days’ price movement.
Generally, February is considered to be a bullish month for cryptos. It is highly anticipated by experts and investors/traders alike that tokens will see a massive increase this month. On-chain signals for MATIC are currently mostly bullish at the time of writing, as data from IntoTheBlock shows. I wouldn’t be too shocked if MATIC hits $2 by the middle of this year. But only time can time. This is just a prediction.
Polygon (MATIC) Surges 50% In 30 Days, Attracts Institutional Investors
Polygon (MATIC) finished last week on a neutral note, showing a 2% increase. As a scaling solution for Ethereum, it has gained significant interest from institutional investors looking to invest in the Web3 market. This is evidenced by the fact that the Polygon NFT market on the OpenSea platform surpassed Ethereum’s for two consecutive months, suggesting the potential for attracting developers and investors to the ecosystem.
According to recent crypto price data, Polygon (MATIC) has seen a 50% growth over the past 30 days, putting its network value at $10,808,682,894. Additionally, the total value locked (TVL) assets in Polygon has risen in recent weeks, reaching around $1.2 billion.
It is also worth mentioning that Polygon is host to top Web3 projects such as Balancer, Quickswap, Uniswap V3, and AAVE.
Polygon: Price Action & Market Outlook
The Polygon (MATIC) price has been experiencing a bullish trend since the start of January, with its price in the four-hour time frame showing higher highs and higher lows, a hallmark of an upward trend.
However, RSI indicators suggest that the bulls are starting to show signs of fatigue, raising the possibility of a market reversal in the near future. If Polygon’s price falls below $1.8, this could invalidate or delay the upward trend. On the other hand, a rally above $1.28 could boost Polygon (MATIC) and lead to a new upward trajectory.
Coinglass data shows that Polygon trading has led to $979k in liquidations in the past 24 hours, with a 24-hour trading volume of about $626,510,880. Given these figures, it is expected that the top layer 2 blockchain will see more growth in the future.
Polygon Adoption is Exploding- MATIC Price Expected to Exceed $2, Landing in Top 5 Soon!
Polygon is among the platforms which hold immense strong fundamentals regardless of the price movements of its native token ‘MATIC’. The price experienced immense bearish action in recent times but the year 2023 ignited a notable upswing that is believed as a revival of a bullish trend. Despite the bearish interference, some indicators signal the uptrend may not stop until the MATIC price does not reach $2.
The Layer-2 chain has been holding a strong grip over the DeFi space with numerous projects and collaborations. The most recent to join the forces was a decentralized protocol Dopex Finance.
The MATIC price reacted positively and spiked notably which was also fueled by the bullish market sentiments during the past trading week. This comes soon after the chain completed its hard fork to increase the stability, and speed and also reduce the gas fees on the Ethereum chain.
In the meantime, MATIC’s price is displaying strong fundamentals as the positive sentiments prevail with the possibilities of a price continuing to swell in the coming days.
The MATIC price underwent a parabolic recovery to reach the pre-FTX price levels beyond $1.2 and appears to lay down a significant upswing after withstanding a minor bearish pressure. The RSI is maintaining the lower support at 60 and bouncing off at every contact pointing out toward the strength of the bulls and being self-assured of the impending rally towards the north.
Besides, MATIC has surpassed Shiba INU to become the most traded token of the top Ethereum whales, while the TVL of the Polygon chain has also surged notably. The social dominance of the token has also surged with a jump in the transaction volume. Hence considering all the factors, one of the top analysts believed the token to be featured in the top 5 very soon.
Moreover, Mike McGlone, a popular Bloomberg Strategist in his report says that Polygon has the 3rd-largest ecosystem for dApps with more developers compared to that rivals like Avalanche and Fantom. The report also highlights the growing adoption of corporate giants like Nike, Disney Starbucks, Coca-Cola, etc in form of collaboration.
“Based on Polygon’s string of brand-name partnerships in 2H22, this year could be the year of mainstream NFT adoption. The explosion in active users on the network stemmed from several blockbuster corporate partnerships struck by the company behind the network, Polygon Technology,”
Polygon Tumbles Near Crucial Resistance Level! Will MATIC Price End Up With A Death Rally?
Polygon investors enjoyed this month as its native token MATIC made overwhelming price momentum since the start of the new year. MATIC price has brought an ROI of over 40% in just two weeks, awakening bullish expectations among traders after a prolonged bearish trend.
Moreover, several analysts believe that MATIC’s price will astonish investors with a surprising breakout upward; on the other hand, some believe that the MATIC token may witness increased selling pressure if it fails to hold its price near the resistance level, resulting in a downturn in the trend.
Polygon Gets Support From The Community
Polygon price has been rallying upward continuously, with a staggering gain of 40% in January, becoming a rising star in the altcoin market with the most significant gain. Moreover, altcoin traders switched their attention to the Polygon network as it recently announced the entry of leading global investment firm Hamilton Lane.
According to the announcement, the NASDAQ-listed firm with nearly $829 billion assets under management (AUM) reveals its $2.1 billion funds on the Securitize platform, a Polygon-based tokenization vehicle. With this initiative from the Polygon network, MATIC’s price is expected to push its limit upward and accomplish its short-term bullish goals in February.
On-chain analyst firm, Jarvis Labs, noted that funding rates on the MATIC price remain neutral, and long-positions witness a significant spike over short positions, hinting at investors’ bet on long-term gain. Additionally, the number of addresses holding the MATIC token has witnessed a spike in January which signifies solid interest from the crypto community.
MATIC Price May Kick Off A Bearish Bloodbath
MATIC price is waiting for a major test as the ongoing market conditions, including the 25-bps interest rate hike, may loosen investors’ confidence. However, the MATIC token seems to get less impact as it continues its upward journey with great partnerships, including Mastercard.
As of writing, MATIC’s price trades at $1.23, with an uptrend above 12% in the last 24 hours. A well-known altcoin trader, TradingStat, predicts that MATIC may prepare for a downward correction as it fluctuates near its fundamental resistance level at $1.27. The analyst stated that a failure to trade above $1.27 might plunge the MATIC token below the 31.8% Fib retracement level to $1.12.
However, a bullish trend above the resistance level may gain investors’ trust in registering a further uptrend with intense buying pressure. A consolidation above $1.28 may take the MATIC token upward with a stable rise and form a next resistance at $1.5.
Will MATIC Price Initiate Fresh Rally in February?
Ethereum’s layer 2 scaling solution Polygon (MATIC) has rallied by more than 56 percent since the calendar flipped in January. Trading at $1.22 Today, up approximately 11.6 percent in the past 24 hours, Polygon (MATIC) is just a few steps away from regaining its pre-FTX momentum. However, analysts expect MATIC to experience high resistance around $1.3, which will act as a crucial decision point.
According to on-chain analytics firm Jarvis Labs, Polygon (MATIC) will have to convert the $1.3 psychological resistance to strong support for the bull case scenario to extend in the coming weeks.
“Breakout of such a long consolidation range should not be taken lightly, although there are warning signs of a pullback as well. With the ZK2023 Mainnet announcement and release coming up, Matic might surprise us,” Jarvis Lab noted.
Polygon (MATIC) Market Outlook
The polygon ecosystem is a great beneficiary of Ethereum’s high network congestion and DeFi growth. More decentralized applications and institutional investors entering the crypto market are opting to tap on Polygon’s scalable and secure network to build DeFi protocols.
According to aggregate data provided by defillama, the Polygon network has a total value locked (TVL) of about $1.23 billion. Among the top protocols that have locked assets on the Polygon network include AAVE, Quickswap, and Balancer with $335M, $180M, and $170M respectively.
With the MATIC price recording high volatility on the daily time frame, Jarvis Labs has cautioned traders to be careful.
“When 30d price volatility goes up on Matic, it does not typically end well for the price action in short term. Right now, we see both price and volatility metric up on the 30d frame,” the analytics firm indicated.
Meanwhile, institutional investors including global investment manager Hamilton Lane Inc. are bullish on Polygon’s future outlook.
Solana (SOL) and Polygon (MATIC) Price May Face a Potential Drop If This Scenario Plays-out
The altcoin market has been experiencing an unexpected downtrend after a promising upward rally, giving bearish woes to investors’ portfolios. Two of the most talked-about altcoins, Solana and MATIC, are no exception, as they are following the ongoing market trend and developing a possible downtrend in the next few days.
Will Solana And MATIC Price Bring The Worst Situation?
Solana and MATIC are two of the fastest-growing altcoins in the market that have made a significant recovery rally after forming a price bottom in November. Since the beginning of 2023, these altcoins have caught investors’ attention and have been making headlines for their impressive performance. However, the bearish market sentiments have jeopardized the upward rally, and many investors are concerned about their future performance.
Solana Price Analysis
SOL price has been able to hold its trend above the $22 mark, which it gained a week ago. However, the next challenge for the altcoin is at $28.2, as a rejection near this level may plunge the asset below its 23.6% Fib level. As of writing, Solana trades at $24.18, declining nearly 1% in the last 24 hours.
A prominent crypto analyst, Momentos, predicts two scenarios for the upcoming Solana price. The analyst noted that the SOL price might become bearish if it fails to hold its pivot area at $26-$29, slumping the token to its EMA-20 trend line at $10.94. However, a trend above the pivot area may send this token to test its crucial resistance above the EMA-200 at $32.
MATIC Price Analysis
Polygon (MATIC) has recently faced a solid rejection near $1.18 and has quickly dropped to the bottom price zone near $1.1 as investors started their profit-taking operations to avoid any sudden price dump ahead. Moreover, the eyes of the altcoin traders are now on the FOMC meeting and Jerome Powell’s comment on interest rate hikes as it can shake up the MATIC price.
A well-known altcoin trader, RMDFinance, predicted that MATIC price is poised for a downtrend as it forms a descending channel pattern. A breakout below the weekly support level of $1.06 may begin bearish trading sessions as MATIC may witness a significant rise in short positions.
According to CoinMarketCap, MATIC’s price hovers at $1.11 with a downtrend of 0.49%. Looking at the daily price chart, the RSI-14 indicator may push the token upward to test its resistance at $1.2 to confirm a short-term upside retracement. If MATIC breaks its resistance at $1.2, it may pave an upward journey to $1.33.
Polygon (MATIC) Tops ETH Whale Accumulation List
After going through a roller coaster ride and getting spinned into the bearish storm last year, the crypto market is now standing strong. Among all the cryptocurrencies, Bitcoin has gained the spotlight in terms of massive gain and leading the crypto bull market. Since the start of 2023, Bitcoin has managed to surge 40%.
At the time of writing, Bitcoin is selling at $23,696 after a surge of 2.11% in the last 24hrs
It’s just not Bitcoin and Ethereum which have gained 40%, even smaller currencies like Solana have flipped nearly 50% upwards. The recovery rally has even pushed the global crypto market cap beyond the $1 trillion mark. One of the main reasons for such a massive jump is the whale activity.
MATIC, SHIB & MANA Tops ETH Whale Accumulation87
According to WhaleStats which tracks the crypto whale activity, the top Ethereum whales have mostly leaned towards buying Shiba Inu (SHIB), Polygon (MATIC), and Decentraland (MANA). Among these, MATIC stands first as it has been accumulated by top 500 ETH whales in the last 24hrs.
One of the reasons that indicates towards top ETH buying most of MATIC tokens is the network’s recent upgrade and hard fork. The upgradation and the hard fork mainly focuses on decreasing gas fee. Further, the Santiment claims that the Whales have managed to purchase 59 million MATIC tokens which is worth nearly $56 million. At the moment, MATIC is changing hands at $1.16 with a jump of 1% over the last 24hrs.
Meanwhile, the reason for whales accumulating Shiba Inu is the upcoming Shibarium Beta launch which is expected on February 14. Currently, Shiba Inu has gained 1.33% and is now trading at $0.00001208. Lastly, Decentraland bags the top 10 purchased tokens among the 100 biggest ETH whales in the last 24hrs. At the time of writing, MANA is trading at $0.7972 as the altcoin has spiked 13.34% over the last 24hrs.
However, this week’s CPI report will be a major influencer to this ongoing crypto rally which will decide further price action.