von • Polygon’s native coin MATIC is trading below the $1 mark despite the recent partnerships announced by Polygon.
• AntiMetal launched its AI-powered cloud cost optimization platform on Polygon, along with Horizon integrating Sequence’s wallet and developer stack.
• MATIC could be eyeing the $1 mark, but the fundamentals of the broader crypto market could play a huge role.
Polygon Price Prediction: Will Matic Recover Above $1 After Recent Partnerships?
Matic is the native token of the Polygon network, which has recently seen a series of interesting partnerships and developments. Despite this, however, its price remains less than one dollar per coin. In order to understand whether this will change in the near future or not, it’s important to look at both its technical and fundamental aspects.
AntiMetal Launches Platform on Polygon
This week saw AntiMetal launch its AI-powered cloud cost optimization platform on Polygon. This was followed by Horizon integrating Sequence’s wallet and developer stack onto the same network – giving enterprises and app developers more control over their blockchain projects.
Web3 Fellowship Program Launched
Sandeep Nailwal, CEO of Polygon also launched a web3 fellowship program – indicating that more development is being done on Matic’s underlying infrastructure. However, its price still remains below one dollar due to overall bearish sentiment in the cryptocurrency markets as Bitcoin continues to trade below $27k.
Technical Indicators Suggest Uptrend for Matic
The technical indicators on Matic’s 4-hour chart seem to indicate an uptrend for this project – with MACD line remaining above neutral zone suggesting that bulls are in control here as well. The 14-day relative strength index (RSI) has also moved towards overbought territory recently – further strengthening the case for bullish momentum in this asset class.
Conclusion: Factors Affecting Price Recovery of Matic
The possibility for MATIC to recover above $1 depends largely upon two factors: firstly, how successful these new partnerships prove to be; secondly – whether there’s an overall improvement in sentiment within cryptocurrency markets as well as Bitcoin itself recovering from its current slump below $27k per coin mark.
