๐ก Is the Polygon Ecosystem Distinctly Bullish or Bearish?
Monthly active users (MAU) on Polygon have surged to their highest point โ 8.8 million.Investment giant Franklin Templeton initiates the transfers of its tokenized shares BENJI on the Polygon blockchain.
The Polygon ecosystem has achieved an all-time high (ATH) of 8.8 million in monthly active users (MAU) amid two significant announcements related to Franklin Templetonโs tokenized shares and Stripeโs stablecoin-led crypto payments.
Over the past 3 months, active addresses across a few sub-sectors within the Polygon ecosystem displayed bullish rallies. Firstly, the active addresses across the gaming protocols surged by 3,663%. Secondly, the centralized finance (CeFi) protocols recorded a 1,473% surge. The other kinds of protocolsโ records were as follows: stablecoin by 36.49%, decentralized finance (DeFi) by 21.52% and SocialFi by 37.97%.
โฆ๏ธ MATICโs Market Dynamics Looks Bearish
When we look at the 30-day timeframe, Polygonโs native token MATIC appears bearish. The altcoinโs price declined by over 32% โ from $1.06 to $0.71. As per the chart given below, the 50-day exponential moving average (50EMA) hovers above the price action, indicating a downtrend.
Meanwhile, MATICโs relative strength index (RSI) is closer to the oversold territory. On the other hand, the weekly timeframe projects an uptick of 4.5% in the tokenโs price. According to CoinMarketCap data, at the time of analysis, Polygon (MATIC) trades at $0.7128 with a market cap of $7.05 billion and a daily trading volume of $270 million.