Polygon (MATIC) is currently ranked in the top 10 cryptocurrencies by market capitalization as more investors and traders take an interest in the decentralized finance (DeFi) asset.
The machine learning algorithms at the crypto tracking platform PricePredictions have predicted that the price of MATIC will trade at $0.8876 on January 31, 2023, according to data retrieved by Finbold on January 11.
By utilizing technical analysis (TA) indicators, such as the relative strength index (RSI), Bollinger bands (BB), moving averages (MA), moving average convergence divergence (MACD), and others, theartificial intelligence predicts a 3.2% increase from the price of Polygon at press time.
MATIC price analysis
As things stand, Polygon is trading at $0.86, up 1.4% in the last 24 hours and is up a further 7.29% across the previous week, with a total market capitalization of $7.5 billion.
A detailed examination of MATIC price fluctuations reveals the token did well from the latter week of 2022 until the beginning of 2023. The token is $0.86, with a 7-day low of $0.7727 and a 7-day high of $0.8637.
If price action keeps moving upward, we might see $0.90 challenged before the end of the week. If US inflation data also falls dramatically, the monthly R1 resistance level might become support, bringing the price to $1 by the end of January.
TradingView’s TA indicators on 1-week gauges are mixed. The summary of the gauges aligns with the ‘buy’ sentiment at 8, while moving averages point to a ‘buy’ at 6. Lastly, oscillators point towards ‘neutral’ at 8.
With a valuation of $7.53 billion, it is one among the top 10 digital currencies by market value on CoinMarketCap.
Polygon has formed a number of strategic alliances with non-cryptocurrency industries, all of which have contributed to the expansion of Layer 2’s ecosystem. Included on the list are corporations like Starbucks, Nubank, and Mastercard.
What’s more Polygon has partnered with DEX Uniswap (UNI) in the cryptocurrency market, and although more cooperation with MATIC’s network are anticipated, its partnerships remain a positive factor.
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