What can we expect from the polygon rate? » Cryptocurrency experts

In this first Insider Review, we take a look at Polygon (MATIC) and dive into the Polygon ecosystem. We look at the project on the basis of technical and fundamental analysis. MATIC had a nice raise today! In the last 24 hours, we saw the price increase by about 5%. In the last seven days, the price even increased by 7%. MATIC is ranked 16th by market value at the time of writing.

What is Polygon?

Polygon wants to solve the shortcomings of Ethereum (ETH) with its project. Deficiencies include, for example, poor transaction throughput, high gas fee and scalability. Therefore, MATIC wants to provide a scalable solution for the network. Thus, they ensure that large numbers of transactions can be processed in just a few seconds. This way, transactions don’t accumulate and the network doesn’t have to raise the gas rate for your transaction to be processed first.

recent developments

Polygon has been very busy with their project lately. For example, they recently had a cooperation with Filecoin (FIL) with which they are also in the non-fungible token (NFT), crypto gaming sector and metaverse. These sectors have recently become extremely popular and are growing rapidly. It was a very smart decision to also focus partly on these sectors.

The collaboration paid off immediately. In the short time that the project was released, several NFT projects were already released, one of which was even in collaboration with the world-famous rapper. Snoop Dogg, Polygon Studios has announced that it will provide a grant for various projects built by Polygon and several hackathons have already been organized. It will be interesting to see what kind of projects they launch in the crypto gaming sector.

In addition, Polygon has set out to continue the Web3 revolution. You clearly notice that Polygon focuses on the popular sectors within the market. Web3 has also been a hotly-discussed sector lately, as this development can bring about real change in everyday life. This sector is very popular even outside the world of cryptocurrencies. Through a message on your website they are calling people to apply for one of the many projects being built on the polygonal blockchain and have Raised $450 million to improve the Web3 sector. These are very promising steps they are taking with the project!

What else can we expect from Polygon?

Of course, that’s not all we’ll see from Polygon. Other platform enhancements are in the works. At the moment they are mainly working on Polygon Avail, Polygon Miden and Polygon Zero.

Polygon Availability

Avail’s goal is to make it easy to change the design of a blockchain system. With Avail, developers can more easily create an independent blockchain. They no longer depend on Ethereum or Polygon. Avail will also focus on making data available and ordering.

polygon measure

With Polygon Miden, the team will focus more on ZK buildup zero knowledge technology as it aligns with their vision to increase the scalability of Ethereum. A ZK digest is a layer 2 solution where sometimes hundreds of transactions can be processed in one go. This is exactly along the lines of Polygon as described above.

zero polygon

Polygon Zero was configured as an extension to the Zk digest technology as described above. Zero is also a layer 2 solution that uses plonky2 technology that provides ZK evidence. Plonky2 is one of the fastest ZK systems in the world and is approximately 100 times faster than comparable systems.

Market sentiment

Market sentiment was tested on CoinMarketCap in the last 24 hours and it was found that approximately 88% of the respondents have a positive outlook on the project and the cryptocurrency. Only 12% give it a bad rating.

Furthermore, Polygon is also a very popular search term on Twitter. With almost 1,200 tweets in an hour. Also, many users search for NFT from Polygon. This is a good sign as Polygon has just started drafting NFT projects.

Technical analysis

MATIC’s picture looks very good in the long run. Where the bottoms are getting higher, we also see the peaks continue to rise. Due to this price action, we see a broader trend emerging. This trend is pointing up at the moment, which is a bullish sign. We just tested the bottom of this lower trend line. The amazing thing about this is that we’ve temporarily outgrown it. This would normally be a bad sign, however, the price managed to recover within a few days. Therefore, this lower line was tested first as support, then as resistance, and then again as support. This proves that this line is a very important level.

The rest of the indicators look quite neutral. the Relative Strength Index (RSI) is now around 50, which is in the middle of this indicator. Looks like we can have a hidden divergence look at the RSI. Where the price seems to peak lower, the RSI wants to peak higher. However, this has not yet been developed, so we cannot say for sure. This will only become clear in the next few days.

Something we have to be aware of is a possible cross of death. In the graph below, the green line (the 200 days moving average) and the purple line (the 50-day moving average) are getting closer and closer. If these lines cross, this could be a bearish sign. For an extensive explanation on a death cross look here

Now is the time to buy MATIC?

The cryptocurrency market is volatile and constantly changing, for these reasons it is important that you are aware of the latest developments before making the decision to enter MATIC. To help you with this, we would like to invite you to take a look at our premium channels for members Here, experienced analysts share daily updates and new technical analysis, so we can determine together when it’s time to buy or sell MATIC.

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