Is it too late to buy polygon? Crypto experts give their MATIC price predictions

by Arthur · February 22, 2023

MATIC, the ticker for the cryptocurrency that powers tier-2 Ethereum scaling solution Polygon, has pulled back sharply in recent days, after being overbought according to its 14-day relative strength index earlier this month. That coincided with MATIC hitting new multi-month highs in the $1.57 range, with the cryptocurrency now around 15% lower near $1.34. Currently, MATIC is holding north of its 21-day moving average (DMA) and resistance reversal support area around $1.30.

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Crypto experts give their price predictions

According to the popular YouTube channel Altcoin Buzz, noted the impressive growth recently seen in the Polygon ecosystem – earlier this week, Polygon managed to surpass Solana in terms of daily NFT sales (by USD volume), ranking as the second highest the the next day only Ethereum, according to Cryptoslam.io. Over the past seven days, Polygon has raised nearly $7.5 million in NFT sales, ranking as the third highest blockchain.

And that’s before NFT trading platform Y00ts has even distributed on the Polygon protocol, Altcoin Buzz quoted Polygon’s co-founder as pointing out. Massive growth in the polygon ecosystem is evident in other metrics. According to data presented by Token Terminal, daily fees have also increased, peaking at nearly $350,000 earlier this month, up in the region of 10 times from previous annual levels.

That jump in fees means Polygon now looks as cheap as it has all year based on the circulating market capitalization/fee ratio. The ratio was last around 215, down from previous yearly highs above 500. That could encourage bulls to continue loading up on Polygon and keep the cryptocurrency moving higher within the framework of the bullish trend channel that has been in play since the beginning of the year.

If MATIC finds support within the bullish trend channel, a quick return to previous monthly highs in the $1.56 area is likely. With all the major moving averages moving higher, the growth numbers for Polygons continuing to impress and broader cryptocurrency markets continuing to look healthy this year, despite the recent pullback, MATIC bulls are confident that a retest of late March tops /the beginning of April 2022 is a possibility. . Price predictions thus remain bullish.

Is it too late to buy MATIC?

Asking if it is too late to buy an asset is never the right question. The right question is whether an asset should be bought or not. And it depends on how an investor assesses his long-term outlook for price developments.

If, based on your own research, you believe that MATIC offers a good risk-reward at current prices and is likely to rise significantly in price in the current years, it is probably worth buying some. It is independent of the token’s recent performance. If you don’t consider MATIC a good risk reward, then stay away.

Buy MATIC now

MATIC options to consider

MATIC’s short-term outlook looks quite positive. But traders looking for quick gains may want to consider other tokens with high potential, such as those sold in pre-sales promising upcoming crypto projects. We’ve reviewed some of the top contenders in this list of the top 15 cryptocurrencies for 2023, as analyzed by Crypto news Industry Talk team.

The list is updated weekly with new altcoins and ICO projects.

^{Disclaimer: The Industry Talk section contains insights from crypto industry players and is not part of the editorial content of Cryptonews.com.}