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Polygon’s MATIC Forms Head and Shoulders Pattern
Polygon, the leading scaling solution for Ethereum, is gearing for what will be a great year for the network. This is one of the few reasons why MATIC price has risen above $1 after slumping to $0.32 in 2022.
Polygon launches in 2023
Polygon is the biggest Ethereum scaling solution in the world. The network makes it possible for developers to build faster and cheaper-to-use dApps in industries like DeFi and NFTs. According to DeFi Llama, it is the fourth-biggest chain in the blockchain industry after Ethereum, BNB Chain, and Tron. Its top scaling solutions are Arbitrum and Polygon.
Polygon is gearing for a big year in 2023 after going through a challenging period in 2022. The number of unique active addresses rose by more than 211% in 2022 to over 22 million. Network revenue rose by 156% to $26 million even as cryptocurrencies plunged. Also, the number of direct contract creations and craters rose to 795k and 237k, respectively.
2023 will be characterized by several things. First, Ethereum developers are expected to introduce sharding to its network, which will lead to faster speeds and lower costs. These improvements will also flow to scaling solutions like Polygon, Arbitrum, and Optimism.
The other key catalyst for MATIC price in 2023 will be the launch of zkEVM product. This is a zero-knowledge rollup that will lead to more improved performance in the network. Zk rollups are usually much faster than normal sidechains.
Polygon is also expected to launch Polygon Zero, which uses the speed of Plonky2 to enable a more scalable and decentralized layer. It also provides both rollup and validium modes. The product will be launched later this year.
Polygon will also launch Miden, a STARK-based zk platform that will support arbitrary smart contracts. Before Ethereum sharding, the platform will be able to handle of 1,000 transactions per second. This figure will then scale up to 10,000 tps.
MATIC price forecast
MATIC crypto price has formed a head-and-shoulders pattern on the 4H chart. In most periods, this pattern usually leads to a bearish breakout. It is now forming the right shoulder while its neckline is t $0.73. Therefore, the outlook of Polygon is bearish, with the next key level to watch being at $0.40. This price is derived from measuring the distance from the head to the neckline.
Solana price has been struggling to break above the key resistance level of $21.10 over the past few days. Earlier in August, the digital asset encountered a strong rejection at the crucial resistance level of $25.45, curtailing gains above the fashionable level of $30. Even so, the smart contract token is among the best-performing cryptocurrencies so far this year, with a 102.61% jump in its year-to-date price. SOL’s total market cap has climbed by more than 5% over the last day to $8 billion, while the total volume of the asset traded over the same period increased by 40%.
Brighter Future Ahead?
Solana price faced significant challenges in 2022, including a 93% decline in its total market capitalization and a 96% drop in its total value locked (TVL). However, the SOL network has posted significant resilience in 2023, defying general market movements. Priority fees and network upgrades have contributed to a consistent 100% network uptime.
The Solana DeFi ecosystem has also shown significant recovery, with a 41% growth in the TVL. Its liquid staking derivatives have also played a role in the asset’s renaissance. The ecosystem has expanded into other sectors such as NFTs, gaming, and consumer-based applications, driven by technical advancements like state compression.
Notably, Solana recently admitted that the network has been facing difficulties in the decentralized finance (DeFi) sector. Even so, it believes that its new strategy will help it regain its foothold and…
Bitcoin price has been relatively stable over the past few days after volatility picked up during the weekend, pushing the price lower by more than 3%. At the time of writing, the flagship cryptocurrency, Bitcoin, was trading at $26,255.55. As it continues to dominate the crypto market, ranking 1st, its total market capitalization slightly declined over the past day to $5.12 billion. Additionally, the total volume of BTC traded over the same period slumped by more than 32%.
Economic Concerns
Data published on Tuesday showed that the Conference Board Consumer Confidence Index declined in September to 103.0, down from a revised 108.7 in August. This was its lowest level since May 2023 and marked two consecutive months of decline. The Present Situation Index, which measures consumers’ assessment of current business and labor conditions, rose slightly to 147.1 from 146.7.
The Expectations Index, which measures the consumers’ near-term prospects for business, income, and labor market conditions, dipped to 73.7 in September, down from 83.3 in the prior month. The Expectations Index fell below the crucial level of 80, which signals a recession within the next year. Consumer fears of a looming recession also ticked higher in September amid the short-term economic contraction anticipated in the first half of 2024.
Focus will be on Fed Chair Jerome Powell’s speech on Thursday which is likely to add volatility and create a bearish environment for traders. As such,…
Cardano price has been on a steep downward trajectory for the past few weeks on the back of a dull market and global macroeconomic concerns. The altcoin is down by nearly 6% in the month to date and more than 3% in the past week. Additionally, ADA price has shed more than 30% in the past six months, with its year-to-date price remaining in the red. Cardano’s total market cap has shrunk by more than 1% over the last day to $8.6 billion, while the total volume of the asset traded over the same period edged 13% lower.
Fundamentals
Cardano price has recorded significant losses in recent weeks in tandem with the global cryptocurrency market. Most of the digital assets have been treading waters over the past few weeks, with the premier cryptocurrency struggling to break above the crucial level of $27,000. The global crypto market cap has increased slightly over the past 24 hours, while the total crypto market volume decreased by 25%.
The Crypto Fear & Greed Index, which is a key measure of the emotions driving the cryptocurrency market, is a fear level of 39, slightly lower than the fear level of 42 recorded last week. A fear level usually indicates a decline in risk appetite by investors which might prompt traders to sell irrationally.
Investors have been assessing what could be ahead for the economy while weighing the outlook for interest rates after…
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