The cryptocurrency market has been slowly picking up speed after a period where there was sideways trading. Polygon ( MATIC ) has made significant gains over the past week, but the crypto community isn’t very bullish about its price in the future.
According to Finbold’s November 4 data, the latest count of votes on CoinMarketCap Price Estimate shows that MATIC will trade at a median of $0.9025 on November 30, 2022.
This prediction is the result 3169 votes cast by press time. This represents a decrease of $0.2039, or – 18.43%, from the current price of $1.11.
The community is less bearish in the longer-term forecasts. They expect Polygon to trade at $0.9076 on December 31. This would be a decrease of $0.1988, -17.97% from the current MATIC price.
MATIC price analysis
The community’s predictions are revealing a very different picture of the token’s behavior. Polygon is currently recording double-digit gains at 14.87% and 21.72% respectively over the week prior, adding up the monthly advance of 33.47%.
The decentralized finance token Defi has lost 56.13% since January 1, 2022, following the downtrend of most crypto sector assets.
MATIC Increased Adoption
Polygon continues to advance its technology and increase the adoption of its Blockchain. It currently has around 37,000 decentralized apps (dApps), under its belt as of August 2022.
It has also been adopted by many companies, including the Warren Buffett-backed nubank, while the Indian police’s Firozabad, India, announced a plan for using the Polygon blockchain to record complaints in order to speed up the resolution of public complaints.
Meta (NASDAQ: META), has partnered with Polygon recently to release its non-fungible token ( FFT). This tool would allow users to mint, sell, and showcase their digital collectibles via Instagram.
JPMorgan, NYSE: JPM also used the platform to conduct its first live trades on a public blockchain. This trade is estimated to be worth approximately $71,000 and represents the first tangible effort toward incorporating digital assets in traditional finance.
Finally, Polygon supports Tether USDT stablecoin and is making investments in carbon neutrality. These developments, along with other positive developments could help to increase the price of the Polygon token.
