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A new tweet from crypto analysis site Nansen (@vignesh-karunanidhisen_ai) shows that more than 300,000 users minted or traded NFTs on the Polygon (MATIC) blockchain this past week.
As can be seen by the chart shared in Nansen’s tweet today, more than 332,000 users minted or traded NFTs on Polygon last week.
The price of MATIC currently stands at $0.802 at press time. This is a 1.64% drop in price over the last 24 hours according to the crypto market tracking website, CoinMarketCap. The price of the Layer 2 project has also weakened against Bitcoin (BTC) and Ethereum (ETH) by 1.58% and 1.28% respectively.
Polygon is currently ranked as the 10th biggest project in terms of market cap, with a market cap of around $8,042,338,135. This ranks it below Cardano (ADA) and above Dai (DAI).
The price of MATIC is now resting near the daily support level at around $0.7887 and has consolidated in a parallel price channel between the support level and $0.8414 after it dropped 9.49% on December 16, 2022.
As a result, MATIC’s price is now trading below the 9-day and 20-day EMA lines. The relative positions of these lines suggest that there is still bearish pressure present on MATIC’s chart as the 9-day EMA line is positioned below the 20-day EMA line.
In addition to the bearish flag signaled by the 9 and 20-day EMA lines, the daily RSI line is also sloped negatively towards the oversold territory and is positioned well below the daily RSI SMA line.
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