AltcoinsPrice Analysis

Is Polygon MATIC back in the race? Is $2 incoming?

news-image

Advertisement

Polygon announced an increase in gas fees this week, following which the price plummeted dramatically. Nonetheless, the cryptocurrency has recovered by 28 percent in the last 24 hours, rising from $1.25 to $1.60.

The increase happened after the Korean cryptocurrency market Upbit announced that MATIC coin was now available for purchase and trade. The price rose from roughly $1.23 to $1.63, but then levelled off and is presently falling. 

On Polygon, the average price of gas has climbed to almost 56 Gwei. Although a 2900 percent increase in commission seemed startling, it was still considerably less expensive than conducting a transaction on Layer 1 Ethereum, which cost tens of dollars instead of a fifth of a penny.

According to pivot points research, the token’s resistance levels following the $1.65 mark are at $2.00. If the stock takes a negative reversal, though, sellers may face resistance near $1.30 or $1.00. 

Furthermore, when compared to the previous several months, the daily chart shows a massive increase in volume. In addition, the $1.65 breakout might attract more buyers. 

The MATIC Token is currently trading at $1.55, and has surged by 0.7 percent in the last 24 hours.

Survey shows crypto traders are most bullish on polygon and other cryptos!

The Real Vision Exchange Crypto Survey is designed to assess investor sentiment by allowing participants to scan 30 tokens and decide whether each one should be overweight or underweight. Real Vision Bot, which was created by two independent coders and bolstered by macro master Raoul Pal, conducted the survey.

Traders choose an overweight portfolio of smart contract platforms Polkadot (DOT) and Solana (SOL), as well as Ethereum scaling solution Polygon, according to vote results from the first two days of this week (MATIC). 

Because the price levels have moved higher, the one-day Polygon price analysis predicts an uptrend for the day. This has proven to be quite advantageous for the entire coin worth, since the price has also surpassed $1.45. As more and more pressure is applied from the buyers’ side, the bullish wave is becoming stronger.

Show More

Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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.

Related Articles

Back to top button