therefore, MATIC/USD might undergo a exchangeable, sharp top retracement in the do weeks after rebounding from the lapp support concourse .
MATIC fundamentals: Then and now
however, a draw has changed in terms of market fundamentals between July 2021 and May 2022 that may influence MATIC traders ‘ behavior. For example, MATIC ‘s price boom occurred end year as demand for layer-2 solutions increased ascribable to Ethereum ‘s rocket gas and transaction costs. As a result, popular decentralized finance ( DeFI ) applications, including decentralized exchange SushiSwap ( SUSHI ), liquid service Curve ( CRV ), and lending platform Aave ( AAVE ), expanded their operations in the Polygon chain .The total value locked inside Polygon liquidity pools. Source: Defi Llama But 2022 has been a bad class for cryptos. The Fed ‘s decision to hike interest rates followed by the unwind of their $ 9 trillion balance plane has prompted investors to reduce their exposures to riskier assets. unfortunately, the prospect of excess cash leaving the marketplace has hurt MATIC, whose year-to-date paper returns were about 65 % below zero as of May 10. unfortunately, the prognosis of excess cash leaving the market has hurt MATIC, whose year-to-date wallpaper returns were about 65 % below zero as of May 10.
Related: 10-month BTC price lows spark $1B liquidation as Bitcoin eyes $35K CME futures gap “ This is a risk-off across all asset classes, including crypto, ” Daniel Ives, strategist at Wedbush Securities, told the Financial Times, adding that digital asset investors have “ nowhere to hide. ” He added :
“Some investors are playing crypto like a hedge against inflation, but it’s trading like the Nasdaq’s Siamese twin.”
Silver lining amid chaos: Meta
On May 9, Polygon CEO Ryan Watt announced that they are partnering with Meta to create a nonfungible nominal ( NFT ) platform for Facebook and Instagram. Meta CEO Mark Zuckerberg besides confirmed that they have been “ testing digital collectibles for creators and collectors to showcase NFTs on Instagram, ” adding that exchangeable features would come to Facebook soon. The hype could help MATIC form a solid price floor .
Read more: Coin Master – Wikipedia
— Michaël van de Poppe (@CryptoMichNL) May 9, 2022
But from a technical position, MATIC risks bearish sequel toward $ 0.615 in May .MATIC/USD weekly price chart. Source: TradingView meanwhile, a bullish confirmation looks less probably to appear unless the nominal reclaims its 50-week exponential move modal ( 50-week EMA ; the red wave ) near $ 1.37 as hold. The views and opinions expressed here are entirely those of the writer and do not necessarily reflect the views of Cointelegraph.com. Every investing and trade move involves risk, you should conduct your own inquiry when making a decision .
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