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After freeing themselves of the trenches, crypto prices have roundly delighted many investors as of late. You might be wondering, however, what's in store for the crypto market's most respected tokens, like Ethereum and Polygon? In this article, you'll find an Ethereum and Polygon price chart analysis and discover why expert market analysts are turning their attention to a platform called Metacade instead.
Ethereum is the blockchain of choice for developers looking to build decentralized applications (dApps). As a leader in smart contract technology, Ethereum has gained significant traction over the past couple of years, partly due to the DeFi and NFT boom. Its dominance in these spaces is yet to be seriously challenged, racking up over $34 billion in NFT sales since its inception (Crypto Slam) and being used for approximately 60% of all DeFi transactions (DeFiLlama).
With the recent Ethereum Merge being hailed a success, 2023 could be an excellent year for ETH. This upgrade enables Ethereum to implement sharding, which, amongst other exciting improvements, will supercharge transaction speeds on the network. Expected in the second half of 2023, sharding will push ETH transactions from 15 per second to roughly 100,000 per second.
Despite these bullish fundamentals, Ethereum could still struggle in the short term. Recently, ETH tapped into the $1600 resistance zone after a surge in buying activity. With prices looking extremely overextended, ETH will likely fall to between $1275 and $1225 in the coming days and weeks. From there, ETH could tumble even further if adverse macroeconomic conditions worsen.
For all its positives, Ethereum has faced one major criticism over the past couple of years: its network can get congested, causing transaction fees to skyrocket and speeds to slow to a crawl. That's where Polygon comes in. Polygon is a layer-2 solution designed to sit atop the Ethereum network. It allows users to build Ethereum-based applications and perform transactions on the Polygon network, resulting in much lower fees and faster speeds.
While some have questioned whether Polygon will be relevant after the Merge, many world-famous brands don't seem to think so. Meta, Starbucks, Mercedes, Disney, and Reddit have all collaborated with Polygon in one way or another. Meta, for example, announced in late 2022 that it would be using Polygon to launch its digital collectibles feature on Instagram.
The Polygon price chart has been exciting analysts recently. MATIC has been one of the best performers during the current bear market, maintaining more bullishness than the majority of coins. Current Polygon price chart analysis shows a similar pattern to Ethereum, with prices seemingly topping out at $1.05. This seems to be confirmed following the break of the bullish structure below $0.96. Experts have set a target on their Polygon price charts to go long around the $0.81 area.
Metacade is a relatively new project, but that hasn't stopped it from gaining traction at an unprecedented rate during its token presale. At its core, it's a play-to-earn (P2E) social hub looking to set the standard for Web3 communities. Metacade combines the best features of community-led platforms, like forums, reviews, leaderboards, and real-time interaction, with blockchain technology to produce something magical.
For instance, it's using the power of crypto microtransactions to reward players with the MCADE token each time they post reviews, share game-beating alpha, and interact with the community in other ways. Metacade is also launching a virtual arcade where users can go head-to-head with their friends and compete to earn big prizes. Some of these titles will be a product of the Metagrant initiative – a feature that experts have highlighted as potentially game-changing for the P2E industry.
Metagrants let developers, regardless of whether they're a small indie studio or established team, submit game proposals to be in with a chance of winning funding. Users vote on their favorites in each Metagrant competition, and the idea that gains the most votes is awarded funds from the treasury. Through the Metagrants scheme, Metacade is putting gaming back into the hands of the players, with the potential to create some of the best P2E games to date.
These features have led to significant investment during the MCADE presale. In the beta sale alone, Metacade raised over $1.12 million, and this figure now stands at $3.2 million in phase 2 of presale. This has led to an increase of 50% from $0.008 to today's price of $0.012.
The MCADE will finish presale at $0.02 per token. Moreover, targets have been set for at least $0.16 by the end of 2023 – 8x the forecasted final presale price.
While the long-term outlook for the Ethereum and Polygon price charts is undoubtedly bullish, there's no denying that Metacade could be the better investment in the short term. Following its incredible success in presale, it seems like there's no stopping the hype that's building around this exciting project.
Essentially, Metacade is expected to benefit heavily from the growth of the GameFi sector in 2023. According to Absolute Reports, this market is projected to grow by 20.4% annually until 2028, which could send MCADE to the moon as more players flock to join the new gaming paradigm. With that in mind, it's easy to see why thousands of investors have already jumped on board with the MCADE presale – will you join them?
You can buy Ethereum (ETH) and Polygon (MATIC) at eToro here.
You can participate in the Metacade presale here.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
