polygon [MATIC] achieved considerable success in NFT space after Reddit Collectible Avatar’s trading volume surpassed $2.5 million, +1,113% in one day.
Click here for AMBCrypto Porygon price prediction (Matic) 2023-24
Polygon has not only reached this milestone, but has partnered with several platforms that help improve the network’s capabilities and services. The latest is Bitpay’s support for his Polygon.
🪙@bitpayAs the world’s largest provider of Bitcoin and cryptocurrency payment services, #polygon When $MATIC.
Starting this week, you can:
4️⃣ Spending$MATIC Within the BitPay app. pic.twitter.com/NCCYlXQG9n
— Polygon – MATIC 💜 (@0xPolygon) October 26, 2022
BitPay is one of the world’s leading cryptocurrency payment providers and this integration will allow users to securely buy, store, exchange and spend MATIC.
These developments have been reflected accordingly. polygonchart was one of the top movers. Recorded weekly gains of 10% or more.
according to coin market capitalizationAt the time of writing, MATIC was trading at $0.9364 and had a market cap of over $8.1 billion. Interestingly, MATIC was also included in his list of trending cryptocurrencies on CoinGecko on October 26th.
⚡️ Trending Words @CoinGecko
October 26, 2022$APT $ Mina $GMX $MATIC $ALGO #bitcoin $BTC #bitcoin $ILV $ADA $SOL $AXS pic.twitter.com/rWrVl6zMi0
— 🇺🇦 CryptoDep #StandWithUkraine 🇺🇦 (@Crypto_Dep) October 26, 2022
However, investors should not relax just yet, as some on-chain indicators suggest that things could turn around soon.
Changing trend soon?
of CryptoQuant data revealed a major bearish signal for matic The relative strength index (RSI) was in an overbought position, indicating that MATIC’s price surge may come to a halt.
Moreover, MATIC’s FX reserves continue to increase, indicating that selling pressure is building. In fact, MATIC’s daily active address and network growth declined last week, making it even more likely that prices will plummet in the coming days.
Nevertheless, Polygon’s performance in the DeFi space provided some relief. According to DeFiLlama data, after nearly three weeks of decline, Polygon’s TVL registered a slight rise. This was a positive development.
Don’t Worry Investors
In contrast to on-chain indicators, maticmarket indicators revealed the potential for continued price spikes.
For example, the Exponential Moving Average (EMA) ribbon shows the dominance of buyers in the market.
Meanwhile, the MACD has recorded a bullish crossover, signaling further price gains. However, MATIC’s Chaikin Money Flow (CMF) is in a neutral position, giving mixed signals.