Price Analysis

Will Matic Price Hit $2 Soon? Market Sentiment Seems to Be Bullish for Polygon!

Written by: Anjali Belgaumkar

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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.

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Aug 23, 2021

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Several cryptocurrencies have moved closer to important price milestones as a result of the recent bull market advance. Following Bitcoin’s recent rally, it looks that altcoins are gaining the most traction. Polygon is one of those that is highlighted. The price of Polygon’s native MATIC token Price has risen beyond $1.56 for the first time in over two months, thanks to a recent price spike. 

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Since the market began to rebound in late July, MATIC has had major ups and downs. Overall market support is credited with the upward trend. The medium- and long-term polygon sentiment is bullish, with bulls aiming for the $2 support.

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The recent announcement of the construction of Polygon’s decentralized autonomous organization (DAO), with which it is expected to support the creation of a community of 100 million people and that wants to define developments, could be a driver behind the recent fast growth. 

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MATIC/USD is correcting upward and seeking to retest $1.6890, it’s daily high. Polygon pricing is attempting to retest this level in order to restart a bullish pattern that began in August and could see the currency reach an all-time high near $2. The Polygon coin, which is part of the second layer MATIC network, appears to be keeping up with Ethereum’s rapid growth. Justin Bennett initially proposed the $1.40 zone as a required floor for the token to resume its upward trend.

MATIC is currently worth $1.58 at the time of writing. However, there is one big resistance level for the token, which is placed between $1.68 and $1.75. Between May and June, this level served as critical support, but as the market plummeted, it became a powerful resistance. At this moment, buyers must enter the market to drive the bulls above $1.75.

Also Read : XRP Price Forcast : Here’s When XRP Price could hit New ATH According to Popular Analyst

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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.

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