- The number of MATIC strikers has increased significantly over the past week
- Some market indicators and metrics also looked bullish on MATIC
Polygon [MATIC] red its chat once again as it recorded a drop in its prices over the course of the 24 hours. Although the price dropped, Polygon enthusiasts had some great news as the latest blockchain announcement added a lot of value and opportunity to the network.
Interestingly, some of the stats suggested that MATIC investors may have more reason to celebrate as they suggested a further uptrend.
Read Polygons [MATIC] Price prediction 2023-=24
Polygon 2.0 and this new update!
Polygon, in a recent tweet, revealed information about its new Polygon 2.0. According to the tweet, the new update is designed to provide unlimited scalability and unified liquidity, transforming Polygon into the value tier of the internet.
To begin with, the Polygon 2.0 architecture consists of four protocol layers, each of which enables an important process within the network: staking, interop, execution, and proof. It was interesting to note that in the seven days itself, Polygon’s stockroom witnessed growth.
According to Strike Rewards, the number of MATIC strikers has increased over the past seven days.
Source: Staking Rewards
Change the maps for MATIC
Contrary to the blockchain’s staking space, the price of MATIC registered a drop in recent days. From CoinMarketCap, MATIC fell more than 4% in the past seven days. In addition, the day card was also painted red. At the time of writing, it was trading at $0.632 with a market cap of over $5.8 billion, making it the 13th largest cryptocurrency.
A look at Coinglass’ facts revealed that MATIC’s outstanding interest was diminishing. A decline in the metric means that the current price trend could soon come to an end. This suggested that the bearish price trend of MATIC may change soon. The token’s market value to realized value (MVRV) also improved significantly, which was a bullish signal.
Source: Sentiment
Is your wallet green? Check the Polygon profit calculator
It’s bulls against bears now…
A look at Polygon’s daily chart painted an ambiguous picture, as a number of metrics were bullish. However, the rest showed a very different picture. For example, the Relative Strength Index (RSI) registered an increase.
MATIC’s Moving Average Convergence Divergence (MACD) also showed a bullish advantage in the market. Nevertheless, the gap between the 20-day exponential moving average (EMA) and the 55-day EMA continued to widen. This painted a worrying picture for the price of the token.
Source: TradingView