MATIC, which has been registering extra greens on its chart over the previous week, has flipped DAI to turn into the twelfth largest cryptocurrency on the earth. The altcoin outperformed a number of different cryptos with increased market capitalizations over the identical interval, with its worth mountaineering by almost 10% in seven days.
At press time, MATIC was buying and selling at $0.885 with a market cap of $7,683,531,694.
Coinbase Impact 2.0?
Whereas MATIC’s value maintained its uptrend, a number of optimistic developments locally served as its driving pressure. As an illustration, Polygon’s partnership with Robinhood which might enable buyers who use the Robinhood buying and selling app to entry MATIC.
Earlier this 12 months, when Robinhood listed Shiba Inu, the same pattern was seen as SHIB’s value surged by 13% after the announcement was made. Subsequently, it’s fairly attainable that this episode served the aim of fueling MATIC’s upward motion over the previous few days.
Not solely Robinhood however xInvestor, a tokenless launchpad, CEX, and NFT market, has additionally introduced that it’s going to record MATIC on 6 September. With only some days left for the itemizing, an extra value surge could be very possible within the days to return.
Hey! Now you can ship and obtain MATIC on the @0xPolygon community along with the @ethereum community. Help for extra cryptocurrencies on extra networks coming quickly.
— Robinhood (@RobinhoodApp) August 31, 2022
What do the metrics say?
Polygon’s efforts to crack offers with different gamers within the crypto-market have seemed promising, because it might assist add extra worth to the community and in addition enhance its capabilities. Whereas these developments occurred, sure on-chain metrics responded in help of them.
In response to CryptoQuant’s data, MATIC alternate reserve declined by 6% within the final seven days. This can be a bullish sign because it signifies decrease promoting stress.
Apparently, Polygon’s improvement exercise elevated significantly in the previous few days too. This, by and huge, is a optimistic sign, because it displays builders’ efforts to reinforce the community. Whereas improvement exercise surged, MATIC’s social quantity additionally registered an uptick, indicating extra neighborhood curiosity within the token.
Taking a look at all that’s occurring and the aforementioned metrics, we will count on MATIC to keep up its uptrend for fairly a while.
In actual fact, common crypto-analysts are on board too, with one just lately speaking in favor of MATIC hitting the $5-level sooner or later.
Nonetheless, not all metrics supported an uptrend as a number of painted a special image of MATIC’s short-term future. Together with the switch quantity, MATIC’s complete lively addresses additionally fell, suggesting a bearish edge.
Furthermore, MATIC’s RSI was at a impartial place at press time, which indicated that the market might go in any route. Solely time may have extra definitive solutions for the altcoin’s market.