- Polygon’s NFT ecosystem witnessed some important development over the previous few weeks
- Nonetheless, on-chain metrics and indicators favored a bearish outlook
Kraken, one of many world’s hottest crypto exchanges, just 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 Each 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 mentioned 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 identical time. The entire variety of Opensea customers on Polygon crossed over 1.45 million.
This development was additionally mirrored on Santiment’s charts, as the full variety of Polygon’s NFT commerce counts spiked over final week alongside its whole NFT commerce quantity in USD.
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 line with Santiment, MATIC’s Market Worth to Realized Worth (MVRV) Ratio registered a decline over the past week, which was a bearish sign. Not solely that, however MATIC’s quantity declined as properly. Nonetheless, on a constructive notice, its community development went up in, which gave hope to traders.
Apparently, LunarCrush’s data revealed that MATIC’s volatility additionally decreased in the previous few days. This was yet one more bearish sign, because it decreased the probabilities of a northbound breakout.
What to anticipate?
In line with the Exponential Transferring Common (EMA) Ribbon, the bulls had a bonus available in the market, 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 Stream (CMF) have been each resting close to the impartial place, thereby indicating that the market might head in any route within the coming days.