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 this planet. The altcoin outperformed a number of different cryptos with larger market capitalizations over the identical interval, with its worth mountain climbing 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 worth maintained its uptrend, a number of optimistic developments locally served as its driving power. As an example, Polygon’s partnership with Robinhood which might permit buyers who use the Robinhood buying and selling app to entry MATIC.
Earlier this yr, when Robinhood listed Shiba Inu, an analogous pattern was seen as SHIB’s worth surged by 13% after the announcement was made. Subsequently, it’s fairly potential that this episode served the aim of fueling MATIC’s upward motion over the previous couple of days.
Not solely Robinhood however xInvestor, a tokenless launchpad, CEX, and NFT market, has additionally introduced that it’s going to checklist MATIC on 6 September. With only some days left for the itemizing, an extra worth surge may 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. Assist 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 appeared promising, because it may 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.
Based on CryptoQuant’s data, MATIC trade reserve declined by 6% within the final seven days. This can be a bullish sign because it signifies decrease promoting strain.
Curiously, Polygon’s improvement exercise elevated significantly in the previous couple of days too. This, by and huge, is a optimistic sign, because it displays builders’ efforts to boost the community. Whereas improvement exercise surged, MATIC’s social quantity additionally registered an uptick, indicating extra group curiosity within the token.
Taking a look at all that’s taking place and the aforementioned metrics, we will anticipate MATIC to keep up its uptrend for fairly a while.
The truth is, in style crypto-analysts are on board too, with one not too long ago 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 distinct image of MATIC’s short-term future. Together with the switch quantity, MATIC’s complete energetic addresses additionally fell, suggesting a bearish edge.
Furthermore, MATIC’s RSI was at a impartial place at press time, which indicated that the market may go in any path. Solely time could have extra definitive solutions for the altcoin’s market.