Polygon, one of the most well-known layer 2 solutions in the blockchain space, recently expanded into the NFT (non-fungible token) market.
Polygon‘s ongoing partnerships drove this move with various platforms and projects in various domains. Some of these collaborations include ventures into the e-sports space and other efforts to increase interest in their NFTs.
Polygon hasn’t seen much traction despite these ambitious initiatives in its NFT market. There are several reasons for this lack of growth, including the oversaturated nature of the market and concern over security that some users still have when dealing with smart contracts. Nonetheless, Polygon has signaled its intention to become a dominant player in the blockchain space by expanding into so many different realms.
Polygon announced earlier this month that it would be launching an e-sports platform. This smart contract-based solution will allow users to bet on different matches and tournaments using Polygon’s NFTs. This approach has many advantages, including the fact that it will help increase user engagement and give participants more incentives to use Polygon’s NFTs regularly.
Despite the negative sentiment surrounding Polygon, MATIC’s price action has shown some positivity. At the time of writing, MATIC was trading at $0.827, and its price had appreciated by 3.5% in the last 24 hours. If the price keeps increasing, it might retest the 0.884 resistance level.
The SMA and EMA trendlines have supported the uptrend, and the MACD indicator also gives a bullish signal. However, MATIC’s price action has been somewhat volatile, with a few sudden drops between its upward movements. This makes it difficult to predict how long this positive momentum might last.
The MACD indicator also shows bullish momentum as the MACD line (blue) continues to cross above the signal line. The RSI indicator is currently at 50, indicating a neutral market sentiment. Additionally, the 20-day EMA seems to be acting as a strong resistance against upward price movements.
Due to these factors, traders should wait for more signals before initiating a long position on MATIC.
To conclude, although MATIC may have had a rough start recently, its price has shown some positive signs. With the MACD indicator giving bullish signals and technical resistance levels testing, it could be a good idea to buy MATIC soon.
Many factors could drive these gains for MATIC, including increasing investor interest in blockchain projects focused on solving real-world problems. Additionally, there may be increased demand for cryptocurrencies like MATIC as more people begin to see their potential applications and utility. Whatever the case, it will be interesting to see how MATIC’s price action plays out in the coming weeks and months.