Cryptocurrency

Polygon [MATIC] goes green but will the price follow suit

Polygon [MATIC] in a latest announcement dated 7 September, said that their operations can be greener after the Ethereum [ETH] Merge.

With ETH shifting to Proof of Stake (PoS), the Polygon crew estimated that 99.91% of their carbon emissions will be diminished. 

The drop in Polygon’s carbon emissions has pushed the price of MATIC in an upward course. The alt witnessed a 5.04% spike in price in the final 24 hours. The latest green announcement may very well be a purpose for this bullish future.

Off to greener pastures

According to the Twitter submit, most of Polygon’s carbon emissions originated from the chain’s exercise on the ETH layer. A significant chunk of carbon emissions was as a result of the Proof of Work (PoW) side of Polygon. However, submit Merge these emissions will be diminished dramatically.

Source: Twitter

This announcement has been effectively acquired on-line and the hype round polygon continues to develop. According to Lunar Crush, there was a 9.1 % enhance in social engagements with respect to Polygon.

But that’s not the solely excellent news. There has been a major spike in Polygon’s growth exercise indicating that extra updates and options may very well be coming to the L2 chain. This may garner curiosity from buyers seeking to money in on Polygon’s development.

Along with the growth exercise, Polygon’s buying and selling quantity, which noticed a lull interval for a while, registered an uptick as effectively. This is also taken as a constructive signal for MATIC.

Both the aforementioned metrics and their respective trajectory may very well be seen in Santiment’s graph added beneath. 

1662701820 547 Polygon MATIC goes green but will the price follow suit

Source: Santiment

Same outdated concern(s)

Even although the fundamentals appear to be in Polygon’s favor, its price nonetheless has a protracted approach to go. The price has been buying and selling between the 0.90 and 0.79 ranges for fairly a while now. The Relative Strength Index (RSI), at press time, was at 45.30, thereby, indicating that the momentum lay barely with the sellers. 

The Chaikin Money Flow (CMF) was method beneath zero at -0.19 displaying that there’s not some huge cash flowing in Polygon’s course.

1662701821 935 Polygon MATIC goes green but will the price follow suit

Source: TradingView

Although Polygon has been making a whole lot of progress, readers are suggested to be cautious. With the present state of the market, some volatility is predicted in the brief time period.

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