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Prospects for MATIC’s Growth in the Fourth Quarter of 2023: A Closer Look

Polygon (MATIC) has experienced promising gains over the last few weeks, recapturing lost market capitalization.

Key Takeaways

  • Polygon (MATIC) has shown promising growth in the past few weeks, recapturing its lost market capitalization.
  • In the last month, MATIC’s price surged by over 85%.
  • Data analysis for Q3 2023 revealed that Polygon experienced consistent growth, with daily transactions peaking at around 2.8 million and daily active addresses ranging from 275k to 466k.
  • The average daily gas fee for transactions on Polygon during Q3 2023 was $0.05, with fees varying between $0.01 and $0.05 throughout the quarter.

Polygon’s Growth in Q3 2023

Polygon (MATIC) experienced significant growth in Q3 2023, with an 85% price spike in the last month. Daily transactions reached a peak of 2.8 million, and daily active addresses remained stable between 275k and 466k.

Performance in Q4 2023

In Q4 2023, Polygon’s Daily Active Addresses, Daily Transactions, and TVL increased, reflecting ongoing growth. However, captured value decreased as fees and revenue dropped in the past week.

Price Surge

MATIC’s price surged by over 33% in the last seven days, reaching $0.9593 with a market capitalization of over $8.8 billion.

Some bearish signals include MATIC touching the upper limit of the Bollinger Bands and the Relative Strength Index (RSI) entering the overbought zone. However, the MACD remained supportive of bullish sentiment.

To Conclude

The performance of MATIC in Q4 2023 will likely depend on various factors, including market sentiment and developments within the Polygon ecosystem. Traders should keep an eye on key technical indicators and market trends for potential price movements.