Why MATIC, PEPE, and MANA Prices May Continue to Ascend

Over the last few weeks, optimism around the market has been growing. This growth could be linked to the continuous rise in Bitcoin’s (BTC) price. However, Bitcoin is not the only cryptocurrency experiencing a significant price increase.

Altcoins are also not left out with the likes of Polygon (MATIC), Decentraland (MANA), and meme coin Pepe (PEPE) registering notable upticks in the last seven days. According to the on-chain analytic platform Santiment, the prices of these tokens listed above may continue to rise.

Santiment, in its post on X (formerly Twitter), mentioned that the rise in network growth of these tokens could be responsible for the projection.

📈 As trader focus has been primarily on #Bitcoin & #Ethereum, mid caps have quietly seen big network growth rises. With $AXS, $MANA, $FTM, $INJ, $MATIC, $DAI, $PEPE, $POWR, $QNT, & $AGIX seeing spikes in new wallets created, prices can continue to climb. https://t.co/HHeDRVsc0z pic.twitter.com/RdtSQOeAo3

— Santiment (@santimentfeed) October 25, 2023

By definition, network growth is the number of new addresses interacting with a network. Hence, the post mentioned that there has been a surge in new wallets linked with PEPE, MANA, and MATIC. Typically, this growth signifies the adoption of a project. Consequently, this traction, if sustained, could trigger a continuous uptick.

Polygon (MATIC)

For MATIC, its value has increased by 28.29% in the last seven days, and more recently, Polygon announced that it was taking final steps to upgrade the ticker from MATIC to POL. For context, the upgrade to POL would mean more Proof-of-Stake (Pos) duties for the web3 network.

In the last 24 hours, MATIC’s price had jumped to $0.65. The price increase could be connected to the resolve of bulls to take bears out of the market after strong support appeared at $0.50. Also, sellers attempted to quench the upward movement at $0.63 but buying momentum suppressed the resistance.

At press time, the Awesome Oscillator (AO) was also increasing. With a positive value of 0.078, the AO implies that the 5-period Moving Average (MA) was greater than the 34-period MA. If the AO continues to increase, then MATIC may reach $0.70.

Decentraland (MANA)

On the daily MANA/USD chart, buying pressure sent the token in the upward direction. At the time of writing, MANA changed hands at $0.36. Also, the Moving Average Convergence Divergence (MACD) suggests a bullish bias for MANA.

This inference was because the 12-period EMA (blue) was above the 26-day EMA (orange). Additionally, the MACD was in the positive region, signaling a bullish momentum. Should the aforementioned EMAs maintain the same position, then MANA may rise to $0.40.

Pepe (PEPE)

Like MATIC, PEPE had a solid bullish structure. However, the uptrend which has been in place since October 20, experienced a sharp rejection at $0.0000010. The rejection resulted in a drawdown of $0.00000085.

But sellers’s control on last a while as bulls pushed PEPE to $0.0000012. A look at the Relative Strength Index (RSI) showed that PEPE’s buying momentum was way over the roof. At the time of writing, the RSI was 78.55. This reading means the token was overbought.

Therefore, there’s a chance that PEPE will fall back to $0.0000010. But a move toward the $0.0000015 direction remains likely.

Considering the technical angle discussed alongside the on-chain status, the prices of PEPE, MANA, and MATIC have strong tendencies to remain bullish.

Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage

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