Polygon (MATIC) and Stellar (XLM) remain on investors’ radar with their high-profile partnerships last year. On the technical side, MATIC, LTC, XLM, and ETH, according to machine learning algorithms, shine year-on-year for the short term. Here are the details…
MATIC, LTC, XLM and ETH February price predictions
Polygon (MATIC)
Polygon is currently among the top 10 cryptocurrencies by market cap. Machine learning algorithms at PricePredictions predict that MATIC price will trade at $0.8876 on January 31, 2023. Using various indicators, artificial intelligence predicted that the price of MATIC would increase by 3.2% on this basis.
On the other hand, TradingView’s 1-week TA indicators are giving mixed signals. The summary of indicators is in line with the ‘buy’ sentiment at 8, while the moving averages point to ‘buy’ at 6. Finally, the oscillators point to ‘neutral’ at 8.
Polygon has forged a number of strategic alliances with cryptocurrency industries, all of which contribute to the expansion of Layer 2’s ecosystem. The list includes companies such as Starbucks, Nubank and Mastercard. Moreover, Polygon has partnered with DEX Uniswap (UNI) in the cryptocurrency market, and although further collaboration with MATIC’s network is expected, their partnership remains a positive factor.
Ethereum (ETH)
As the crypto market enters 2023, Ethereum continues to attract investors, with a successful merge update in 2022. Machine learning algorithms at PricePredictions predict that Ethereum price will hit $1,315 on January 31, 2023.
Despite experiencing a major price correction after the FTX bankruptcy, Ethereum price is doing much better compared to the performance of other cryptocurrencies. In order for ETH to recoup its losses, it is necessary to maintain its macro uptrend.
After the merge update in September 2022, Ethereum will go through another major upgrade in the form of the Shanghai update in March 2023. Key points include a reduction in the gas fee for layer 2 solutions, which has the potential to make post-Shanghai Ethereum use both faster and more cost-effective.
But despite the pessimistic narrative circulating about Shanghai in some industries, there are analysts who believe the upgrade will be a bullish catalyst for the currently second-largest cryptocurrency.
Litecoin (LTC)
Litecoin (LTC) investors are waiting for the 2023 halving cycle, which will fall in June. Indeed, the event is expected to have a bullish effect on the value of LTC. Overall, Litecoin has been in focus in recent months after showing signs of a bullish trend. Machine learning algorithms at PricePredictions predict that Litecoin will continue its bullish momentum in the coming weeks. According to the 30-day forecast, LTC will likely trade at $84.89 on January 31, 2023.
If the Litecoin price reaches this predicted level, it will represent a rally of around 4% from its price at the time of writing.
Despite being hit by the 2022 market downturn, Litecoin started to recover towards the end of last year, challenging the overall bearish sentiment. Specifically, the rally reflected a historic Litecoin trend that posted gains months before the halving event.
For example, at one point in early December 2022, LTC recorded the largest amount of inert tokens moved in four years. At the same time, the network also showed a decline in the aging of average token investments. Specifically, two metrics are considered bullish triggers for a price rally.
Stellar (XLM)
The new year started to make you forget some of the troubles of the crypto money market in 2022. This includes Stellar (XLM), which posted solid gains on its weekly charts. Meanwhile, algorithms based on machine learning technology at PricePredictions determined the price of the platform Stellar at $0.082476 on January 31, 2023.
As for the sentiment expressed on Stellar’s 1-week indicators at the time of publication, it was in slightly bearish territory and suggested ‘sell’ at 13. Also, the oscillators show ‘buy’ at 3 and the moving averages ‘strong sell area’ at 13.
These estimates come just days after Stellar-backed Techstars Payments, which we refer to as Kriptokoin.com, announced the 12 startups it has selected for its first accelerator presence in Latin America. Therefore, it represents a positive development in the Stellar ecosystem that could push the XLM price even higher in the short term.
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