Polygon (MATIC) Price Prediction As Bears Try To Shift The Momentum

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Polygon is down in the market today, trading at $1.35. This amount represents a reduction from yesterday’s high of $1.42 but slightly above the low of $1.34. MATIC is still off its all-time high value of $2.92, although its steady increase in 2023 has impressed its followers.

It tested the $1 price level for the first time on January 16, 2023, before dropping below it. However, it has remained below $2, suggesting significant bearish pressure at this price level.

Network Trends On Polygon Network That Could Influence The Price Movement

Most crypto projects benefit from developmental activities, positive news, and a thriving community. Matic Network operates on the proof-of-stake network, which requires active participation from stakers.

Here are some notable trends on the network that could affect the asset’s price.

Polygon Gets Support From Arkham

Arkham will now provide polygon users with access to the on-chain activities of entities and addresses. The platform will post wallet addresses that move crypto assets and provide real-time analytics for users. With this partnership, users can track the moves of whales and addresses with large crypto holdings since they greatly influence the crypto markets.

Support for Polygon is live on the @arkhamintel platform ⚡️

The SIMPLE to use platform enables users to examine the activities of entities & addresses. 🧵👇 pic.twitter.com/7a8eDoslmo

— Polygon | Aggregated (@0xPolygon) February 20, 2023

Historically, whales influence the price of an asset. If a whale suddenly starts acquiring many tokens, it will spike the greed index and cause a chain reaction driving the price up. Consequently, this information is vital for most crypto traders to make informed trading decisions and is now available on the Polygon network.

Polygon xkEVM To Launch On March 27

The polygon zkEVM testnet went live last year, giving users a feel of the seamless scaling solutions for Ethereum. Polygon labs have announced an upcoming launch of polygon zkEVM mainnet Beta, scheduled for March 27.

Roses are red 🌹
Violets are blue
Poems are hard 😩
Mainnet Beta is here

ON MARCH 27, Polygon #zkEVM launches the future of Ethereum scaling

🚢💜🚢💜https://t.co/OqSOYTn8Uv pic.twitter.com/kpXavea3ff

— Polygon | Aggregated (@0xPolygon) February 14, 2023

The developers listed some milestones achieved on the road to Mainnet Beta. The top achievements are:

Over 84,000 wallets created
Over 75,000 ZK proofs generated
Over 300,00 blocks produced
More than 5000 smart contracts deployed
Proof generation time reduced to almost two minutes
The cost of generating proof for a large batch of transactions was reduced to around $0.06.

Overall, the polygon network has seen significant improvements. The March 27 upgrade will usher in even more milestones for the network.

Polygon Heads To Denver, Colorado

Polygon labs have drawn up a schedule of activities for Denver in Colorado, U.S.A., to share their vision for Polygon Labs. This tour includes stage events, panel discussions, workshops, hackathons, and support. The events will run from February 27 to March 5, 2023.

Support for Polygon is live on the @arkhamintel platform ⚡️

The SIMPLE to use platform enables users to examine the activities of entities & addresses. 🧵👇 pic.twitter.com/7a8eDoslmo

— Polygon | Aggregated (@0xPolygon) February 20, 2023

Such events will help strengthen the community members and create awareness about cryptocurrency. A strong community often helps a crypto project record success since there is active participation in trading and other on-chain activities.

MATIC Price Prediction

MATIC is trading in a downtrend today and has remained in the negative price trend since February 18, 2023. After forming a long green candle on the daily chart on February 17, the bears mounted pressure on the asset’s price.

MATIC’s Moving Average Convergence/Divergence (MACD) is below its signal line, a bearish signal. However, it is moving downward and reflecting the bearish momentum on the daily chart. Also, the Relative Strength Index (RSI) indicator is at 53.39, which is in the neutral zone.

Polygon is still trading above its 50-day and 200-day Simple Moving Averages (SMA), creating hope for a revival and rallying the asset. The 50-day SMA is moving upwards, indicating a bullish reversal in the short-term, and is also above the 200-day SMA.

The support levels are $1.25, $1.29, and $1.32; resistance levels are $1.40, $1.45, and $1.48. MATIC is currently trading at $1.35. The bears at the $1.40 price level intend to drive down the asset’s price.

Although MATIC is in a downtrend, expect the token to bounce back to a bullish position if the $1.32 support level holds. However, moving below this support will lead to a freefall in its price below $1.25.

MATIC Alternatives That Will Reward You

While polygon is down in the market today, some ongoing altcoin presales can reward you if you act fast. These presales have been carefully selected, allowing users to participate in innovative projects for rewards.

RobotEra (TARO)

RobotEra is an innovative play-to-earn game that will reward users in the gaming Metaverse. The game centers around rebuilding the shattered Planet Taro in the Metaverse. Users will play as a robot and can make robot friends to team out and execute projects in this virtual reality game.

TARO, the platform’s native token, will power all activities on the platform, which users can earn for their creativity and in-game participation. The ongoing presale has been a success, raising $932,000. Currently, the price of 1 TARO is $0.020 in the first stage and will increase to $0.025 and $0.0032 in the second and third stages.

FightOut (FGHT)

FightOut offers users access to the most innovative move-to-earn platform tailored to suit their needs. This Web3 platform relies on a decentralized protocol hosted on the Ethereum blockchain.

It has attracted interest from top-level athletes due to its innovative layout and customizable plans. It rewards users for completing daily workout plans and participating in physical activities.

FIGHT is a move-to-earn and play-to-earn initiative that rewards users for leading healthy and active lives. FightOut runs on the Ethereum blockchain, and FGHT, its native token, is ERC-20 compliant.

The presale has raised approximately $4.56 million, with the price of the tokens set to increase with each round. The FGHT tokens were worth $0.00167 at the beginning of the presale and will increase to $0.334 when the presale ends.

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