This week has been a mixed bag for the stock market as a whole. The overall market’s weakness is weighing heavily on MATIC. After a big drop earlier, the MATIC Price is trading fairly steady, Despite a week of directionless movement, its foundations appear to be positive.
Along with Aave, Curve, SushiSwap, and others, Balancer is the newest initiative to collaborate with Polygon. The solution will reduce gas prices to near-zero levels and potentially open up new experimental possibilities. However, as the amount of transactions on the network grows, we’ve seen that the Polygon network’s gas prices have been constantly growing.
Polygon (MATIC) has been making the rounds for all the right reasons, as it has been positioned as an Ethereum alternative due to its shared network.
It also announced the Maker Network’s incorporation of yield optimization vaults. It will open vaults on Maker and invest $50 million in MATIC tokens as agreed treasury liquidity.
MATIC Price Key Levels to Watch
The price is about to hit the pivot point at $1.14, and a bullish mindset can only be confirmed if purchasers can break through this level.
MATIC price is retracing and will likely restart its advance soon, potentially propelling the altcoin another 11 percent higher before retesting $1.235. If the rally continues, MATIC’s price might rise as high as $1.37 before hitting resistance. The bullish thesis will be invalidated if the support barrier at $1.034 is broken. Also, $1.0200 should be considered a key support level for MATIC. At the time of writing Polygon is trading at $1.12.
MATIC is still in danger of dropping below the support until it can break the current trend. However, if MATIC breaks out of the downtrend, it re-establishes the bulls’ control and opens the door to $1.5000.