Is it too late to buy Polygon? Experts in Cryptology Give Their MATIC Predictions
MATIC, which is the ticker for the cryptocurrency powering layer-2 Ethereum scaling solution Polygon has been moving back strongly in the past few days after becoming too overbought as per the 14-Day relative strength index earlier this month. This coincided with MATIC hitting new multi-month highs near $1.57. The cryptocurrency is now 15% below $1.34. For now, MATIC is holding to the north of its 21-Day Moving Average (DMA) and the resistance-turned-support area around $1.30.
Crypto Experts Share Their Predictions on the Price
Popular YouTube channel Altcoin Buzz reported that Polygon has outperformed Solana in terms daily NFT sales (by USD volume) earlier this week. According to Cryptoslam.io, it is now the second most popular blockchain after Ethereum. Polygon has sold nearly $7.5 million worth of NFTs in the past seven days. This makes it the third-highest Blockchain.
Altcoin Buzz cited Polygon’s cofounder as saying that this was before NFT trading platform, Y00ts, has deployed on the Polygon protocol. Other metrics show the massive growth of the Polygon ecosystem. Token Terminal data shows that daily fees have increased by 10x over the previous yearly levels.
This jump in fees means that Polygon now looks as cheap as ever, based on the current market capitalization/fees rate. Last year, the ratio was around 215, which is a decrease from previous yearly highs of over 500. This could encourage bulls and others to continue buying Polygon, keeping the cryptocurrency higher within the bounds of the bullish trend channel which has been in place since the beginning of the year.
MATIC could find support in the bullish channel if it does. This would allow MATIC to quickly return to its earlier monthly highs of $1.56. MATIC bulls are confident of a retest at the late March/earlyApril 2022 highs, with all major moving averages rising higher, Polygon growth numbers impressing, and wider cryptocurrency markets looking healthy. Therefore, price predictions remain bullish.
Is it too late to buy MATIC?
It’s never a good idea to ask whether it is too late for an asset to be purchased. It is the right question to ask whether an asset should or shouldn’t be purchased. It all depends on how the investor views its long-term performance.
It is worth investing in MATIC if you believe that MATIC has a high risk-reward ratio at current prices, and that it is likely to increase in value significantly in the future, according to your research. This is regardless of how the token has performed in recent years. You should not consider MATIC to be a good risk-reward proposition.
MATIC Alternatives to Take into Account
MATIC’s near term outlook looks quite bullish. However, traders who are looking to make quick profits might consider other high-potential tokens such as those that were sold in presale and promising future crypto projects. The following list contains the top 15 most popular cryptocurrencies in 2023. We have reviewed the best candidates. Cryptonews Industry Talk team.
This list is updated every week with new altcoins or ICO projects.
Disclaimer: The Industry Talk section contains insights from crypto industry players, and is not part of Cryptonews.com’s editorial content.