Price Analysis

The Rise of Polygon, What are the Next Crucial Levels for MATIC Price?

The Polygon (MATIC) network has continued to grow rapidly in recent months, with the number of users and developers joining greatly outnumbering those on rival networks. The network is enjoying the limelight, which is expected to last at least until the end of the year, and it is believed that the network’s developers and owners would put their differences aside and focus on updating their network to satisfy the growing demand.

Polygon is around 100 times cheaper than Ethereum for DeFi, which has caused the total value locked (TVL) amount of assets deposited on Polygon to rise from US$4 billion in May to over US$8.44 billion by the end of June. 

It’s also partnered with Aave grantee RabbitHole to reward new users who make donations into Polygon. Because of the low transaction costs of minting on Polygon, an excess of novel and inventive NFT use cases will emerge. Charged Particles, an Ethereum-based DeFi NFT, has gone live on Polygon, putting the product in the spotlight.

MATIC Price Next stop

Polygon’s all-time high was $2.62, which it achieved roughly a month ago. Between June 20 and June 22, the price of MATIC Price plummeted by 35% to $0.928. Despite the violent sell-off, It rebounded 34% to $1.25, establishing a brief swing high. 

If this area is broken, purchasers’ laser sights will be drawn to the 1.2949 price mark. 1.4298 and 1.5120 become further upside targets if the market continues to move north.

Failure to maintain the break above the 1.1601 resistance, on the other hand, would invalidate our bullish polygon price projection. In the short term, this scenario would open the door to downside objectives of 0.9196 and 0.8000. At the time of writing Polygon Matic is trading at $1.10.

Show More

Anjali Belgaumkar

Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.

Related Articles

Back to top button