Polygon became the fourth largest network in terms of TVL after overtaking Avalanche The metrics were by and large not in favor of MATIC Vitalik Buterin recently praised Polygon [MATIC] in reply to a tweet about its newly launched zk-EVM, calling it “truly amazing.” Well, Polygon’s ZK-EVM is a layer 2 construction on top of […]
In this current bearish market, MATIC’s performance is also quite better than the other cryptos on the top 10 list, as it did not register any massive downticks.at $0.9341 with a market capitalization of over $8.1 billion. A look at MATIC’s metrics shed some light on the situation.After registering a massive decline, MATIC’s MVRV Ratio went up slightly, which looked quite optimistic for the token.
revealed that MATIC’s exchange reserves were declining, which is a bullish signal as it indicated less selling pressure.’s network activity was also affected, as its daily active addresses declined too.’s daily chart revealed the possibility of a price plummet in the coming days, as a few market indicators were not favoring investors’ interest.
According to the Exponential Moving Average Ribbon, the bulls still had the upper hand in the market, but things could change soon as the gap between the 20-day EMA and 55-day EMA was shrinking. The MACD’s reading also supplemented that of the EMA Ribbon’s as it displayed a bearish crossover. Interestingly, the Money Flow Index and Chaikin Money Flow were both also resting near the neutral position.Subscribe to get it daily in your inbox.
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