Will MATIC’s integrations and NFT success be enough to sustain the current rally

by James · October 27, 2022

Polygon [MATIC] achieved a great success in NFT spaces after Reddit Collectible Avatar’s trade volume passed $2.5 million, +1,113% in a single day.

Here is AMBCryptos Price prediction for polygon (MATIC) for 2023-24

Not only did Polygon reach this milestone, but it also partnered with several platforms that helped increase the network’s capabilities and offerings, the latest being Bitpay’s support for Polygon.

🪙@BitPaythe world’s largest provider of payment services for Bitcoin and cryptocurrency, has announced support for #Polygon and $MATIC.
Starting this week, you can
1️⃣Buy
2️⃣ Shop
3️⃣ Switch
4️⃣ Use$MATIC in the BitPay app. pic.twitter.com/NCCYlXQG9n

— Polygon – MATIC 💜 (@0xPolygon) 26 October 2022

BitPay is one of the leading cryptocurrency payment providers in the world and this integration will allow users to securely buy, store, exchange and use MATIC.

This development was reflected accordingly Polygon‘s chart since it was one of the top winners; it recorded over 10% weekly gains.

In accordance CoinMarketCap, at press time MATIC was trading at $0.9364 with a market capitalization of over $8.1 billion. Interestingly, MATIC was also on the list of cryptos trending on CoinGecko on October 26.

⚡️Trending Searches by @CoinGecko
26 October 2022$APT $MY $GMX $MATIC $ALGO #Bitcoin $BTC #BTC $ILV $ADA $SOL $AXS pic.twitter.com/rWrVl6zMi0

— 🇺🇦 CryptoDep #StandWithUkraine 🇺🇦 (@Crypto_Dep) 26 October 2022

However, investors should not relax just yet, as things could take a turn soon, as suggested by several calculations on the chain.

Trend reversal soon?

CryptoQuants data revealed a major bearish signal for MATIC as its relative strength index (RSI) was in an overbought position, indicating the possibility of a halt in MATIC’s price rise.

In addition, MATIC’s foreign exchange reserve continued to increase, indicating higher selling pressure. In fact, MATIC’s daily active addresses and network growth fell over the past week, further increasing the chances of a price drop in the coming days.

Source: Sentiment

Nevertheless, Polygon’s performance in the DeFi space provided some relief. According to DeFiLlama’s dataafter declining for almost three weeks, Polygon’s TVL registered a slight recovery, which was a positive development.

Don’t worry investors

Contrary to the calculations on the chain, MATIC‘s market indicators revealed the possibility of a continued price rise.

For example, the EMA (Exponential Moving Average) band indicated the buyers’ advantage in the market.

On the other hand, the MACD recorded a bullish crossover, suggesting a further price increase. However, MATIC’s Chaikin Money Flow (CMF) gave mixed signals while resting in neutral position.