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MATIC, which has been registering extra greens on its chart over the previous week, has flipped DAI to turn out to be the twelfth largest cryptocurrency on the planet. The altcoin outperformed a number of different cryptos with larger market capitalizations over the identical interval, with its worth mountaineering by almost 10% in seven days.
At press time, MATIC was buying and selling at $0.885 with a market cap of $7,683,531,694.
Coinbase Impact 2.0?
Whereas MATIC’s value maintained its uptrend, a number of constructive developments in the neighborhood served as its driving pressure. For example, Polygon’s partnership with Robinhood which might enable traders who use the Robinhood buying and selling app to entry MATIC.
Earlier this 12 months, when Robinhood listed Shiba Inu, an analogous pattern was seen as SHIB’s value surged by 13% after the announcement was made. Due to this fact, it’s fairly doable that this episode served the aim of fueling MATIC’s upward motion over the previous few days.
Not solely Robinhood however xInvestor, a tokenless launchpad, CEX, and NFT market, has additionally introduced that it’s going to checklist MATIC on 6 September. With only some days left for the itemizing, an extra value surge could be very probably within the days to return.
Hey! Now you can ship and obtain MATIC on the @0xPolygon community along with the @ethereum community. Assist for extra cryptocurrencies on extra networks coming quickly.
— Robinhood (@RobinhoodApp) August 31, 2022
What do the metrics say?
Polygon’s efforts to crack offers with different gamers within the crypto-market have regarded promising, because it may assist add extra worth to the community and likewise enhance its capabilities. Whereas these developments occurred, sure on-chain metrics responded in assist of them.
In keeping with CryptoQuant’s data, MATIC alternate reserve declined by 6% within the final seven days. It is a bullish sign because it signifies decrease promoting strain.
Apparently, Polygon’s improvement exercise elevated significantly in the previous few days too. This, by and enormous, is a constructive sign, because it displays builders’ efforts to reinforce the community. Whereas improvement exercise surged, MATIC’s social quantity additionally registered an uptick, indicating extra neighborhood curiosity within the token.
Supply: Santiment
Taking a look at all that’s occurring and the aforementioned metrics, we will anticipate MATIC to take care of its uptrend for fairly a while.
The truth is, in style crypto-analysts are on board too, with one lately speaking in favor of MATIC hitting the $5-level sooner or later.
Nevertheless, not all metrics supported an uptrend as a number of painted a special image of MATIC’s short-term future. Together with the switch quantity, MATIC’s whole energetic addresses additionally fell, suggesting a bearish edge.
Furthermore, MATIC’s RSI was at a impartial place at press time, which indicated that the market may go in any course. Solely time can have extra definitive solutions for the altcoin’s market.
