Market Analytics and Technical Considerations
Key Points
In terms of 24-hour gains today, Polygon (MATIC) outperformed both Bitcoin and Ethereum, as the alternative coin attempts to recover from the smashing impacts of the FTX implosion.
A daily growth of 12% is being nursed by MATIC.
The cryptocurrency has surpassed the $0.90 barrier and increased Polygon NFT sales by 191%, pushing its market cap with over $8 billion.
Coingecko’s most recent tracking shows that the cryptocurrency is currently trading at $0.94, representing a 12% improvement in its intraday success. The value of MATIC has increased by 10% in the last week.
Polygon was the day’s best beneficiary among some of the best ten digital currencies monitored by the online crypto information service, while BTC and ETH only managed increments of 4.9% and 7%, correspondingly.
Additionally, the asset was able to boost its market value to $8.32 billion with this bullish motion, adding approximately $400 million to the worth it was holding while it was traded at $0.87 the previous day.
The Warning Signs Were There For Polygon All Along
Following the instability that engulfed the cryptocurrency industry last week, along with the demise of FTX and the closure of other connected firms, MATIC reacted badly and fell all the way to the $0.81 support line.
Source: TradingView
Nonetheless, wednesday, some of the metrics for the crypto currency, like the 200-day Exponential Moving Average (EMA) and Relative Strength Index (RSI), showed the resumption of a positive sentiment for Polygon.
The altcoin, which has gained 3.65% over the past 24 hours, has pulled back up to $0.86 and hinted at a breach it above $0.90 barrier.
Additionally, the cryptocurrency’s trading volume was able to rise by 1.90%, supporting the positive assumption of experts who were attempting to forecast its price trajectory.
In fact, MATIC is having one of the better performances this season the crypto industry has seen to date, proving that the experts made the right decision.
Even while there is still a long way to go, it is already very near to the psychologically significant $1 mark.
NFT sales increase by over 200%.
The phenomenal growth that MATIC’s NFT department is currently seeing could be one explanation for the company’s strong current performance.
As according data provided by the cryptocurrency analytics platform Messari, Polygon-based NFT sales have increased by 191% since the end of September, putting it on track to produce the greatest blockchain performance by a wide margin.
