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Polygon is gaining in the market today, recording its third consecutive green day on the price charts. It has recorded a 3.35% increase in the past 24 hours and is trading at $1.34. Also, the trading volume has increased significantly by 67.99% within 24 hours. MATIC is ranked number 10 in the crypto market and has rallied significantly since January 2, 2023.
Key Factors Sustaining The Rally
Successful crypto projects rely on community adoption, which affects the price. Polygon’s price has benefitted from the positive feedback on its innovative strides in the crypto community. Here are some of the latest trends in the MATIC community.
Polygon’s Record-Breaking NFT Sales Driving The Rally
The Polygon network has surpassed Ethereum on OpenSea (An NFT hub) in NFT sales for the second consecutive month. Non-Fungible Tokens (NFTs) are unique digital art that has increased in value over the years. The Ethereum network has always been a frontrunner in NFTs. Polygon surpassing Ethereum in January and February shows that the network is now a preferred NFT destination for users.
Shemaroo is a driving force for innovation in the Entertainment space.
👉🏾And it’s all happening #OnPolygon 😏
— Polygon | Aggregated (@0xPolygon) February 9, 2023
Polygon’s recent partnerships with big players like Meta, Reddit, and Starbucks also helped to increase NFT sales. Ethereum is notorious for high gas fees, which could make users opt for a cheaper alternative in Polygon.
OpenSea reports that the top Polygon NFT collection in January was the Donald Trump digital trading cards. Polygon marketplaces recorded around 5,500 sales of NFTs valued at $2.8 million.
Shemaroo Partners With Polygon To Lauch Bollywood-Themed NFTs
Shemaroo, an Indian media and entertainment hub, partnered with Polygon labs to launch its NFT marketplace, Virtasy.io. This marketplace is exclusive to the polygon network. Bollywood fans will collect NFTs of their favorite characters and movies. This partnership will increase the popularity of Polygon within the Indian population and beyond.
Polygon network hosts over 500,000 NFT collections and offers users lower fees, fast transactions, and carbon neutrality. These features are why popular platforms partner with the network for the Web3 revolution.
Polygon Price Prediction
MATIC is in an uptrend at the moment, trading at $1.34. However, a bearish hammer (hanging man) can be seen on the charts today. When such a candle forms during an uptrend, it suggests that the price might record a pullback. Polygon has been uptrend since January 1, recording a slight pullback. After three consecutive green days, a red candle might form on the charts soon.
The asset is trading above its 50-day Simple Moving Average and 200-day SMA, a bullish signal. The rising 50-day SMA indicates a short-term bullish sentiment. In the event of a price pullback, it will likely be temporary.
Support levels to note are $1.192, $1.228, and $1.268, and resistance levels of $1.35, $1.38, and $1.420. The Relative Strength Index (RSI) just entered the buy zone at 71.58 but is pointing upwards, indicating a potential rise.
The Moving Average Convergence/Divergence (MACD) is bullish and is above the signal line. It is also rising on the charts reflecting the uptrend of the asset. MATIC will continue on its uptrend if the bulls persist and surpass the $1.381 resistance level soon. However, the bears are still active and can push the price down momentarily.
Polygon Alternatives To Buy Today
Investors could take advantage of some altcoins to expand their investment portfolio. These altcoin projects are worth investing in and have the potential to yield profit.
Meta Masters Guild (MEMAG)
Meta Masters Guild offers users a play-to-earn platform with the latest Web3 technology. The networks will soon unveil three blockbuster games; Meta Kart Racers, NFT Raid, and Meta masters World. Gamers on the platform can earn rewards in Gems which serve as the in-game currency. These gems are exchanged for MEMAG, the platform’s native token. MEMAG can be staked to earn rewards.
Play-to-earn gaming models are now gaining popularity. With Meta Masters Guild, earning is not limited to gaming alone. Users can earn through activities such as community giveaways and content creation. The presale has raised $3.6 million so far and is currently in stage 6. 1 MEMAG token is worth $0.021 and will increase to $0.023 in the final stage.
C+Charge (CCHG)
This platform offers effective charging solutions for electric vehicle users. Drivers can access cost information and crypto-backed carbon credits. Over $800,000 has been realized from the presale, with investors not wanting to miss out on the trend.
CCHG‘s token is worth $0.014 and is in the second presale stage. This stage will end in a few days, and the price will increase to $0.016.
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