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In a Race Towards $3 Will Cardano Outrun Polygon Or Fall Prey To The Bears Again?

Written by: Elena R

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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Jan 18, 2022

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Highlights

    Polygon takes public platforms by a typhoonic move, in view of its upgrade to EIP-1559.

    Cardano leaves no stones unturned, as ADA price zips past with the candles on the charts.

The world of cryptocurrencies has come across a major event, which folks from the town are curiously spectating. As two major projects from the industry are racing towards the $3 milepost. What’s more enticing is that one is a layer-1 protocol, while the other is a layer-2. The digital assets we are referring to here are Cardano and Polygon. 

A polygon with its major EIP-1559 London hard fork upgrade has been making a buzz in the business, which is scheduled at 8:00 am UTC, 18th January 2022. While Cardano has set the charts ablaze with its DEX SundaeSwap coming up, and the astounding metrics. Connoisseurs from the industry are keen on the movements of both assets.

The Race Towards Supremacy? 

Polygon’s much-awaited EIP-1559 upgrade will be going live today at 8:00 am UTC. Which has probably gone live by the time you are reading this news. As previously reported by CoinPedia, the upgrade will revolutionize the fee structure of the network with the coin-burning mechanism. Which in turn will make it a deflationary asset, whilst fueling the price of Polygon.

Since the token burn mechanism creates an imbalance in the demand and supply ratio, the price of the asset is bound to surge. The upgrade will be imperative in lowering the fees, which will empower the usage of dApps. However, Polygon’s native token MATIC is yet to react to the initiative, as the asset is down about 8% in value at $2.2, which is greater than that of ADA.

Cardano, on the other hand, has been acting independently of the industry. While the majority of the digital assets have been struggling on the charts, ADA price has been making notable moves. This is now a concern for savvies, as a similar movement was seen in September prior to the Alonzo hard fork.

In succession, ADA price is up a mighty 8.99%, with price at $1.56 at press time. The transaction volumes, alongside SundaeSwap which are scheduled on the 20th of January. Growing metrics and other initiatives have been fueling Cardano’s run. Savvies are hoping this does not turn into buying the rumor sell the news event.

Summing up, Polygon might initiate a leg-up following the upgrade which the maze of time would answer shortly. We can expect a short delay in the asset reacting to the upgrade, as investors would be curious prior to make any moves. That said, we can expect a realistic surge of 35 to 40% with MATIC. 

Cardano on the other hand has been running an applaudable run, while an event like Alonzo’s hard fork is unlikely. We can expect a healthy run of a similar 40-45% if the situation continues to favor Cardano. That said, the event is an interesting one to look for. 

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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