MATIC may be the center of attention for these reasons despite Polygon’s NFT defeat

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Poly­gon, the lay­er 2 solu­tion that has been in the news for quite some time for its increas­ing num­ber of col­lab­o­ra­tions, expand­ed into the NFT space. Despite part­ner­ships in mul­ti­ple domains for their NFT’s, the Poly­gon NFT mar­ket didn’t see any note­wor­thy growth.

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Here’s AMBCrypto’s Price Pre­dic­tion for Poly­gon [MATIC] for 2022–2023.

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Accord­ing to a tweet by Poly­gon Stu­dios on 21 Octo­ber, it was stat­ed that an e‑sports plat­form was being built on Poly­gon. This would help Poly­gon ven­ture into the e‑sports space cou­pled with oth­er attempts to gar­ner more inter­est for their NFTs. These steps could pos­si­bly help them gain more trac­tion in terms of attract­ing more users to their NFTs.

How­ev­er, despite Polygon’s mul­ti­ple attempts to try and res­ur­rect inter­ests in their NFTs, the results so far have been disappointing.

Accord­ing to data from Dap­pRadar, pop­u­lar Poly­gon NFT col­lec­tions, such as Aave­g­otchi’s vol­ume depre­ci­at­ed by 46.42% and its sales fell by 32% as well.

Fur­ther­more, after look­ing at Polygon’s NFT  per­for­mance on the OpenSea plat­form, it appeared that recov­ery was still far away. Month­ly active traders on the plat­form con­tin­ued to decline, and along with that the num­ber of NFT’s sold dai­ly and the over­all vol­ume depre­ci­at­ed over the last few months.

Source: Dune Analytics

The “why” and “what” of it all

One of the rea­sons for the dis­in­ter­est in Polygon’s NFT’s could stem from Polygon’s declin­ing social engage­ments and neg­a­tive sen­ti­ment around the token. Accord­ing to Lunar­Crush, a social media ana­lyt­ics web­site, the num­ber of social engage­ments around Poly­gon depre­ci­at­ed by 4.27% over the last week.

Along with that, there was a mas­sive decline in its weight­ed sen­ti­ment. This indi­cat­ed that over the past sev­en days, the cryp­to com­mu­ni­ty had more neg­a­tive things to say than pos­i­tive when it came to Polygon.

Source: San­ti­ment

How­ev­er despite the neg­a­tive sen­ti­ment, MATIC’s price action showed some pos­i­tiv­i­ty. At the time of writ­ing, MATIC was trad­ing at $0.827 and its price had appre­ci­at­ed by 4.07% in the last 24 hours. If the price keeps increas­ing at this rate it might retest the 0.884 resistance.

Source: Trad­ingView

The Chaikin Mon­ey Flow (CMF) which was at 0.08 was indi­cat­ing a slight­ly bull­ish out­look for MATIC at the time of press. How­ev­er, the Rel­a­tive Strength Index (RSI) was at 50 indi­cat­ing that the momen­tum was not on either the buyer’s or the seller’s side.



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