Polygon (MATIC) Price Prediction: As The Bears Relent, Will It Rally To $1.28?

Polygon, the 9th cryptocurrency by market cap, is gaining today, trading at $1.26 with a price increase of $1.25 within 24 hours. This is an increase from yesterday’s closing price of $1.20, although it is still below its seven-day high of $1.42.

MATIC started the year trading at $0.76 on January 1, 2023, and increased to $1.02 on January 16. The coin maintained the $1 price level in February 2023 and is today recording a positive start to March. Going by the price gain of today, a further increase in MATIC price is possible.

Factors Driving MATIC’s Rally

Polygon has transformed into a hub for developers and innovations over the years. Certain factors could be responsible for its recent price behavior.

Polygon ID Revolution

Polygon Developers announced Polygon ID, a Self-Sovereign Identity (SSI), changing how personal data is stored and managed. Polygon ID is a Web3 solution that gives users benefits such as decentralization, composability, and private on-chain verification.

The Self-Sovereign Identity (SSI) movement is revolutionizing the way personal data is controlled and managed. #PolygonID is the first identity solution that allows users to generate ZK proofs to prove statements on-chain based on real-world documents. 🔗

— Polygon Developers (@0xPolygonDevs) February 27, 2023

The Zero-knowledge proofs (zkp) in Polygon ID enhance user privacy and differentiates their identities. This software provides a platform for digital identity management for the Polygon community.

Internet users are often concerned about the safety of sensitive data relating to their identity. Polygon Developers believe the innovation will allay those fears and boost the network’s utility.

NFTb Links Up With Polygon

NFTb, an NFT marketplace, has adopted the Polygon blockchain to expand its operations due to an increasing number of artists joining the platform. Polygon is a renowned NFT blockchain that supports various uses, such as art and collectibles and Web3 gaming.

NFTb’s integration was announced in 2022. However, the full integration on Polygon occurred in January 2023. The Polygon partnership will likely boost the number of artists and collectors in the NFTb ecosystem.

Integration with @nftbmarket is COMPLETE 🤩

NFTb’s NFT artists and collectors can now tap into the vast potential of Polygon’s NFT ecosystem.

We look forward to the opportunities & innovation that this expansion will foster 💜

🔗https://t.co/dkONTaibMs https://t.co/uUAXM9jWvM

— onPolygon (@onPolygon_) February 28, 2023

Also, Polygon is a Developers’ hub and houses numerous Decentralized Apps (DApps) that support NFTs. Previously, Polygon has sealed relevant NFT partnerships with big brands such as Nike, Reddit, and Starbucks.

This partnership will create a win-win situation where NFTb will gain more clients and Polygon’s price gains in the market due to increased utility.

Ripio Is Building On Polygon

Ripio, Argentina’s top digital asset Platform will Partner with Polygon to increase Web3 adoption and acceptance in Latin America. The company has over 7 million users in Buenos Aires and has integrated Ripio Trade, Ripio Portal, and Ripio Wallet into the Polygon network. 

Hamzah Khan, head of DeFi at Polygon Labs, believes that the integration will give Ripio’s users access to more Web3 protocols. Also, users will benefit from faster and cheaper transactions on the Polygon Network.

Ripio Portal, one of the network’s products, is a digital wallet that supports different blockchain networks such as Ethereum and Polygon. Users can buy, sell and exchange tokens on the platform. It also serves as a store for digital assets and supports Web3 gaming activities. 

Connecting to Polygon will give Riplo Portal Users access to thousands of DApps and platforms such as OpenSea, Aave, Uniswap V3, and Magic Eden. This partnership could also translate to the purchase of MATIC tokens by Latin American users on the network.

Polygon Price Prediction With Technical Indicators

MATIC is gaining in the market today, shaking off the effects of the downtrend in the past week. It has formed a bullish engulfing pattern on the daily price chart today. This pattern likely signals a trend reversal and a possible uptrend for the asset.

It is trading above its 50,100 and 200-day Simple Moving Averages (SMAs), which is bullish sentiment in the long and short term. The 50-day SMA crossed over the 100-day SMA, forming a golden cross on February 5, 2023. 

The Relative Strength Index (RSI) indicator is at 48.83, close to the neutral zone of 50. However, the indicator points upwards and will likely rise in the coming days to signal a bullish trend.

MATIC’s Moving Average Convergence/Divergence (MACD) is below its signal line, a bearish trend. It reflects the effect of the bears in the last few days on the asset. However, the histogram bars are fading, and the indicator might retrace if the bulls seize control.

Key support levels are $1.12, $1.15, and $1.17; the resistance levels are $1.23, $1.26, and $1.28. MATIC is trading at $1.26, which is a resistance level. Expect MATIC to exceed $1.28 if the bulls sustain their surge above the $1.26 resistance in the coming days.

MATIC Alternatives That Can 10x Your Investment

While MATIC recovers, some exciting presales will reward early investors. These innovative presales are receiving positive reviews in the crypto community.

Fight Out (FGHT)

This Move to earn (M2E) platform seeks to transform fitness activities to a  new level. It promotes physical activities and comes with customizable plans to suit different individuals. Also, the mobile App makes it easily accessible to users on the go. FGHT, its native token, is currently in the presale stages and has raised over $4.56 million. FGHT’s price will increase once it lists in the open market for trading.

Fight Out plans to eventually establish fitness centers in different locations worldwide. Many elite athletes depend on the platform for their fitness and training plans.

RobotEra (TARO)

RobotEra takes the Web3 gaming experience to a whole new level. Players participate as robots and team up to rebuild the shattered planet TARO. Also, they can acquire land, and land owners can customize their plots or develop their robot friends.

TARO, the native token powers the ecosystem and has raised over $937,000 at the presale. The project benefits from an active community.  Analysts label RobotEra as one of the potentially explosive projects in 2023.

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