- Polygon’s NFT ecosystem witnessed some important development over the previous few weeks
- Nevertheless, on-chain metrics and indicators favored a bearish outlook
Kraken, one of many world’s hottest crypto exchanges, lately introduced that it had built-in Polygon [MATIC] on its platform. With this new improvement, customers can ship and obtain MATIC natively on the Polygon community. This might add supplementary worth to the blockchain.
🔥 @0xPolygon Built-in into @krakenfx
Now you can ship & obtain $MATIC @0xPolygon natively #onPolygon Community! pic.twitter.com/UpsuoDUM1k
— Polygon Every day 💜 (@PolygonDaily) November 19, 2022
Learn Polygon’s [MATIC] Value Prediction 2023-2024
Moreover, Sandeep Nailwal, the co-founder of Polygon, expressed his views about video games on Twitter by way of a tweet on 19 November. He stated that it felt “good to see video games coming again to Ethereum by way of Polygon.” Notably, Swords of Blood introduced that it might be inaugurated on the Polygon ecosystem quickly.
Good to see video games coming again to #Ethereum by way of @0xPolygon from Alt-L1 ecosystems.
All roads result in #Ethereum https://t.co/esmyoailYB
— Sandeep | Polygon 💜🔝3️⃣ (@sandeepnailwal) November 19, 2022
Contemplating the developments at hand, Polygon’s NFT ecosystem registered a growth on the similar time. The full variety of Opensea customers on Polygon crossed over 1.45 million.
This development was additionally mirrored on Santiment’s charts, as the entire variety of Polygon’s NFT commerce counts spiked over final week alongside its whole NFT commerce quantity in USD.
Supply: Santiment
Regardless of these developments, MATIC’s value motion didn’t appear to favor traders because it dropped 8% over the week. At press time, MATIC was buying and selling at $0.8731, with a market capitalization of over $7.6 billion. Might this stagnant efficiency be a results of the bearish market, or was one thing else cooking?
Bother incoming for Polygon
In keeping with Santiment, MATIC’s Market Worth to Realized Worth (MVRV) Ratio registered a decline during the last week, which was a bearish sign. Not solely that, however MATIC’s quantity declined as properly. Nevertheless, on a constructive notice, its community development went up in, which gave hope to traders.
Supply: Santiment
Curiously, LunarCrush’s data revealed that MATIC’s volatility additionally decreased in the previous few days. This was yet one more bearish sign, because it diminished the possibilities of a northbound breakout.
What to anticipate?
In keeping with the Exponential Shifting Common (EMA) Ribbon, the bulls had a bonus out there, however it might finish quickly, because the 55-day EMA is quick approaching the 20-day EMA. Moreover, MATIC’s Relative Power Index (RSI) and the Chaikin Cash Movement (CMF) have been each resting close to the impartial place, thereby indicating that the market may head in any route within the coming days.
Supply: TradingView
