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Will Uniswap on Polygon Deployment Proposal Result in Rebound of MATIC Price?

Written by: Delma Wilson

November 22, 2021

The most current Polygon price analysis indicates that the price is in a downtrend today, as the price has dropped dramatically in the last 24 hours. For the previous few weeks, the bears have been able to consistently maintain their lead. 

The overall trend has been negative, notwithstanding some ups and downs where bulls had a chance to upgrade price. During the day, the price has also dropped to $1.56.

At the time of writing, MATIC is trading at $1.56, down by 4.5% in the last 24 hours. 

In case of a continued downtrend, the support can be found at $1.48. The resistance on the upside, in case of an uptrend, is at $1.61.

However, if the attitude improves, this cryptocurrency could see a significant increase, fueled by strong fundamental advances. 

Uniswap on Polygon!

One of the most intriguing updates is a suggestion made on the Uniswap Governance Forum by the popular Layer 2 scaling solution, which suggests installing the Uniswap protocol on Polygon’s ecosystem. 

According to the network’s creators, this might result in a significant rise in user base, much lower transaction fees, and more user activity for one of the most well-known DeFi brands. 

The Polygon team is enticing Uniswap to use its technology by pledging a considerable amount of funds from its treasury to improve liquidity, as well as a variety of non-financial activities to help the company grow. It makes an attempt to entice Ethereum’s largest DEX by claiming that the ecosystem would be completed without DeFi’s main project. 

The interest would be mutual, as members of the Uniswap community have previously recommended such a move and received widespread support.

For ‘buy stop’ liquidity, MATIC’s price could rise and sweep the $1.67 resistance barrier. The bearish thesis will be invalidated if this increase in purchasing demand drives Polygon to make a higher high over $1.77. 

Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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