Polygon, currently trading at $0.875 with a “fear and greed index” score of 28, has rebounded from its lows after hitting support at the $0.3 level.
Polygon Price Analysis
Over the last few months, the cryptocurrency has climbed its way up, regaining the $0.5 level, breaking through the $0.75 level, and showing strong indications of regaining the $1 level very soon.
The $1 level, however, is a strong resistance zone and may be a difficult river for the bulls to ford. This level is also the point at which prices witnessed a rejection in early august.
Interestingly, the $1 level coincides with the 200-period daily moving average. However, if prices break through this level, it may serve as a strong bullish indicator, pushing prices toward the $1.3 level or beyond.
The trend of MATIC is unclear at the moment. On a short-term basis, we can see an uptrend. But on a medium-term basis, we see a neutral trend.
In the long-term, we see a strong downtrend, similar to the rest of the crypto market.
The RSI shows an overall neutral position, while the Moving Average Divergence and Convergence indicate an uptrend.
Polygon’s 170% Price Surge
In the middle of the general red of the crypto market, polygon overall has seen greens over the last three months.
After a particularly bad June where prices hit the $0.3 level, as illustrated earlier, MATIC has rallied over 170% and now sits comfortably over the $0.85 level.
Earlier this year, MATIC boasted a market cap of about $13 billion, aggressively expanding its arsenal of Ethereum scaling solutions. These scaling solutions have worked wonders for the network, as traditional brands are now noticing.
In its latest financing round, Polygon raised $450 million. Sequoia Capital India, SoftBank, Animoca, and Tiger Global were at the forefront of this financing round.
Brands like Coca-Cola, Starbucks, and Reddit have partnered with the polygon this year. With Reddit and Starbucks, these partnerships involved NFT-based loyalty programs within the network.
Polygon has also been pushing its way into the gaming industry with companies like JEDSTAR Gaming’s NFTs that we’re launched on marketplaces like AGORA or OpenSea.
The crypto market, as many knows, is in the middle of a bear market. But this new energy from the Polygon has proved to be a burning fire in the middle of the crypto winter.
With Polygon’s current performance metrics, the crypto can surpass its previous highs, which seems like solid stakes.
Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)