The latest market trends have seen Polygon and its native token escaping the red zone towards green. Furthermore, the July 4 celebration triggered heightened trade optimism. That had MATIC on massive price increases amid a recovering cryptocurrency market.
The overall crypto sector flashed increased green on July 5. Polygon’s MATIC enjoyed a bulls’ comeback during the phase, gaining 15.5% since July 4, erasing its weekly losses. The rebound pushed MATIC to $0.52 before bears returned. While publishing this content, Polygon traded with bearishness at $0.5072.
Nevertheless, the timely reversals triggered optimistic sentiments among its investors following the turmoil that had plagued the markets. Meanwhile, the Polygon blockchain has flourished, displaying its versatility in Web3 and Web2 sectors. Also, the Ethereum network has seen such trends.
Polygon’s recent partnership with HTC confirms the versatility. HTC introduces Desire 22 pro, its first metaverse mobile phone. Furthermore, the phone has applications from Viverse, its metaverse arm. Moreover, it enjoys more support from Ethereum and Polygon.
The company revealed that Viverse applications plus the integrated Vive wallets would allow users to build digital avatars and manage cryptocurrency assets, including NFTs (non-fungible tokens) and cryptos on Polygon and Ethereum.
That means a booster for Polygon blockchain as it targets recoveries following the ongoing bearish cycle. Moreover, Web3 developments have recently gained increased traction.
The market knows Polygon as a scalable, low-cost platform and seems to live up to that. Lately, projects on the Polygon network have seen social engagement. Projects that dominated social interactions on Polygon include Gala, WOO Network, Shifty Network, and Nakamoto games.
What of MATIC?
These developments, plus the festive mode, massively aided MATIC’s on-chain stats. The latest uptick triggered a lift-off in the MVRV, translating to overvalued conditions for MATIC. Nevertheless, the mid-June crash catalyzed enormous investor pain as the MVRV ratio dropped to -30, translating to a blow for the alt.
As mentioned above, the latest leg up triggered surged investor optimism. Nevertheless, the festive-induced surges might fade as the holiday mode drifts away.
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