Is It Too Late to Buy Polygon? Crypto Experts Give Their MATIC Price Predictions

Last update:

October 19, 2023 12:00 EDT
| 2 minute read

polygon.Source: Adobe

MATIC, the ticker for the cryptocurrency that powers Layer 2 Ethereum scaling solution Polygon, has fallen sharply in recent days after being overbought according to the 14-day Relative Strength Index earlier this month. This coincided with his MATIC hitting a multi-month high around $1.57, and the cryptocurrency is now down about 15% to around $1.34. For now, MATIC is holding north of its 21-day moving average (DMA) and the resistance-turned-support area around $1.30.

Cryptocurrency experts talk about price predictions

According to the popular YouTube channel Altcoin Buzz, they noted that the Polygon ecosystem has recently seen impressive growth. Earlier this week, Polygon was able to surpass Solana in his daily NFT sales (based on USD volume), making him the second-highest on the day after Ethereum. According to Cryptoslam.io. In the past seven days, Polygon has totaled nearly $7.5 million in NFT sales, ranking him his third-highest on the blockchain.

And that was before NFT trading platform Y00ts deployed on the Polygon protocol, as Altcoin Buzz cited Polygon’s co-founder as pointing out. The significant growth of the Polygon ecosystem is also evidenced by other metrics. Daily fees have also soared, reaching a high of nearly $350,000 earlier this month, about 10 times higher than previous annual levels, according to data presented by Token Terminal.

This increase in fees means that Polygon currently looks the cheapest of the year based on market capitalization to fee ratio. This ratio was most recently around 215, above the previous year-to-date high of 500, but this encourages bulls to continue adding to Polygon and keeps the cryptocurrency within the bullish trend channel that has been in place since the beginning of the year. is likely to continue rising. .

If MATIC finds support within the bullish trend channel, it could see a quick return to the previous monthly high in the $1.56 area. MATIC bulls are looking ahead to 2022 as all major moving averages soar, Polygon’s growth rate remains impressive, and the broader crypto market continues to look healthy this year despite the recent selloff. We remain confident that a retest of the late March/early April highs is possible. Therefore, the price prediction remains bullish.

Is it too late to buy MATIC?

Asking whether it’s too late to buy an asset is never the right question. The correct question is whether you should buy the asset. And that depends on how investors judge the prospects for long-term price performance.

Based on your own research, if you think MATIC offers good risk-reward at its current price and the price is likely to rise significantly over the course of this year, it’s probably worth buying. It has nothing to do with the token’s recent performance. If you don’t think MATIC offers good risk-reward, stay away.

Buy MATIC now

Alternatives to MATIC to consider

MATIC’s near-term outlook looks pretty bullish. However, traders looking for quick profits may want to consider other high-potential tokens, such as those being sold in pre-sale by promising crypto projects. We have considered some of the strongest contenders for our list of Top 15 Cryptocurrencies of 2023. crypto news Industry Talk Team.

This list is updated weekly with new altcoins and ICO projects.

Disclaimer: The Industry Talk section features insights from cryptocurrency industry insiders and is not part of Cryptonews.com’s editorial content.

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