The cryptocurrency market has been volatile in 2018, with many coins plummeting to lows that were impossible to recover from. However, one coin has been able to go nearly 20 times higher in price, shooting up from a low of $3.83 on January 4th to a high of $9.34 on January 19th. That coin is MATIC, and its success is the talk of the crypto community.
The current price of MATIC, the Polygon tradeable token, is $0.99. The MATIC price has been hovering around $1 for months now, and this has led traders to wonder if the long-term trend is still bearish as predicted in January, or if it has changed and is now bullish as predicted in December.
Polygon is an open-source Ethereum implementation that is designed to offer traders the ability to create ERC20 tokens on the Ethereum Blockchain.
Polygon is towards the top of the cryptocurrency rankings. It’s become the go-to platform for projects looking to start on a layer-2 (sidechain) while remaining connected to Ethereum.
MATIC is one of the best-performing assets for Polygon’s value proposition—scalability and ultra-low transaction costs.
Despite a significant drop in its market in recent weeks, it remains among the top 25 most valuable ventures in the world and is carefully monitored.
Polygon currently has 44 active DeFi projects, making it the second most active ecosystem behind Ethereum, surpassing the Binance Smart Chain (BSC).
Market Performance and Price Status of Polygon (MATIC)
MATIC is unchanged from the previous trading day at the time of writing.
Despite the September 7 crash, the crypto market has been reasonably steady, and MATIC has remained constant week to week.
A day following the September 7 draw-down, buyers failed to capitalize on the rejection of lower lows.
As a result, MATIC prices are technically bearish, and this may be a prelude to much greater losses in the days ahead.
Aside from the low trade range, the following bull bars had modest trading volumes.
As a result, the bear engulfing bear bar on September 7 may provide as a signal for short-term price movement. Despite its importance, the chances of $1—a psychological level—failing to restrain bears are strong, laying the stage for additional declines.
In the short term, MATIC may decline below $0.85, which is the 78.6 percent Fibonacci retracement level of the late July to September 2021 trading range.
Nonetheless, if MATIC prices rise over $1.8 in spite of this selling pressure, there may be chances for hopeful purchasers.
In that scenario, MATIC bulls would be justified in pushing the price up to $2.2, retesting all-time highs.
Still,
Is it possible for Polygon to outperform Bitcoin?
One trader believes MATIC will outperform BTC in the medium run based on the MATIC/BTC daily chart.
The currency is on the verge of breaking firmly above the falling, multi-week bull flag, according to the expert. This would be the catalyst for the coin’s return to all-time highs in mid-May 2021.
MATIC prices are now near the pinnacle of the bull flag, a zone where most breakouts occur.
As a result, the likelihood of a MATIC breakout to the upside remains strong in this instance.
Even yet, risk-on traders should exercise care and only commit when a clear signal—a large volume bar—breaks in either direction.
A clear trend definition would better suit a trader’s interests in a risky price action.
MATIC is a bearish indicator.
In the market, prudence reigns supreme. Not everyone is persuaded that there will be additional upswings in the near future.
Polygon prices, according to another trader on Trading View, are negative and may go below $1.
$1 is a psychological support level, as previously stated. Prices may either soar higher or drop depending on how MATIC prices respond at this point.
The chances of prices reverting to $0.90, according to the expert, remain strong. Long-term HODLers and traders would have more options as a result of this.
Holding Support by MATIC
On YouTube, Crypto Maximalist said that the current drop is good and that it will serve as the basis for further increases in the weeks and months ahead.
In the analyst’s opinion, buyers must maintain their position above $1 and the 20-day moving average.
The ensuing accumulation would be the catalyst for MATIC to break through the September 2021 highs and reach new all-time highs over $2.2—possibly even $10.
Trading View provided the charts.
Disclaimer: The views presented do not constitute investment advice. Do your homework.
Polygon Traders Split; Will MATIC Prices Drop to $0.90 or Surge Reaching a New All-Time High of $10?. Read more about matic network price prediction 2021 and let us know what you think.
Frequently Asked Questions
Will polygon Matic go up?
I am not sure.
Is Matic coin a good investment 2021?
Matic coin is a good investment for 2021.
Why is Matic network going up?
Matic network is going up because the price of bitcoin has increased.
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