• Polygon’s native coin, MATIC, is currently trading below the $1 mark despite the recent partnerships with AntiMetal and Horizon.
• Technical indicators suggest that the bulls continue to control the market, however, the fundamentals of the broader crypto market could be a factor in whether or not Matic will recover above $1.
• Sandeep Nailwal, CEO of Polygon, has also launched a web3 fellowship program.
Polygon Price Prediction
Will Matic recover above $1 after recent partnerships? This is a question many investors are asking as Matic continues to trade below $1. Despite Polygon announcing various interesting partnerships this week, MATIC only saw an increase of 3% over the past seven days. It is likely that MATIC may eye the $1 mark but there are several factors which need to be taken into consideration before it can achieve its goal.
Polygon recently announced two key partnerships this week: AntiMetal’s AI-powered cloud cost optimization platform was launched on Polygon and Horizon integrated Sequence’s wallet and developer stack on Polygon to provide enterprises and app developers with blockspace customization options. Moreover, CEO of Polygon, Sandeep Nailwal also launched a web3 fellowship program for developers and entrepreneurs looking to build for Web 3.0.
The technical indicators on MATIC’s 4-hour chart show that it is outperforming other cryptocurrencies in terms of price movement. The MACD line remains above neutral zone indicating that bulls still have control over the market at present time. Additionally, MATIC’s 14-day relative strength index (RSI) has been fluctuating around 50 which suggests that there is no strong trend in either direction yet so traders should wait for more clarity before making any investment decisions related to MATIC.
Fundamentals of Crypto Market
Despite these promising developments, much will depend on how Bitcoin performs in order for Matic to break through the $1 mark again as BTC currently trades just below $27k and could drop even further if support at $26,400 fails to hold up against bearish pressure from sellers in the market.
In conclusion, while there are some encouraging developments within the polygon ecosystem which could potentially lead to Matic breaking past its all time high of $1; much will depend on how Bitcoin performs along with other fundamentals within cryptocurrency market as whole before any such prediction can be made confidently by investors looking into investing in Matic tokens long term or short term basis respectively.