The MATIC/USDT markets have been on a tear over the last few weeks, with the price of one unit of MATIC rising from $0.01 to $0.14 in less than two months. While some analysts believe that this is due to an upcoming announcement, others think it’s just a speculative bubble.
Polygon combines the best of blockchain and smart contracts together.
The network provides speed, scalability, and transaction costs that are negligible.
This is what the crypto trading and DeFi communities aspire to every day of their trading cycles.
Market Performance and Polygon Status
Polygon has become one of the most important protocols because to its compatibility with Ethereum and other smart contracting platforms, allowing DeFi.
As of this writing, the network’s native currency, MATIC, has a market capitalization of approximately $8.9 billion. It was also one of the best-performing stocks on the previous trading day.
To put that in perspective, MATIC is up 8% against the US dollar on the previous trading day, and up 11% against BTC and ETH in the same time frame.
Plus, there’s more. Despite the Asian session’s challenges, average trade volumes have increased by 78 percent to approximately $2.3 billion in the same time period.
Supporters of Polygon may attribute this to the platform’s ability to scale in areas where Ethereum fails miserably.
A look at the daily chart reveals strength and perhaps encourages the purchase trend to continue. Swing trading techniques may provide the greatest returns when the circumstances are ideal.
MATIC/USDT investors, for example, seem to be accumulating on the Aug 11 bull bar, breaking away from last week’s consolidation.
The increase is accompanied by a surge in trade volumes, suggesting involvement in shorter time periods.
MATIC bulls are currently trading authoritatively above July 2023 highs, backed by optimistic market players and a strong crypto market, thanks to yesterday’s gains.
Polygon has taken to the air.
It is for this reason that traders across the board are optimistic about the future.
One trader anticipates MATIC bulls to extend their gains, bringing the coin’s price to above $1.6 in the near future, according to Trading View.
To corroborate his analysis, the analyst takes notice of different technical patterns on the 4HR chart. One, he points out that the MATIC price adjustment in recent months has been significant.
According to the dealer, MATIC prices have dropped by more than 76%.
Prices rebounded back despite the drop, encouragingly breaching above a resistance trend line before stabilizing. Traders may often use scalping trading techniques to get in and out of the market rapidly, pocketing gains, anytime prices vary.
The MATIC/USDT price squeeze appeared to have created the anchor for purchasers to reverse losses prior to the recovery.
Polygon Bulls are linked with technical indicators.
Polygon is set for lift-off, according to one trader on Twitter, based on the daily chart.
$MATIC seems to be poised to take off in early May. The following makes me optimistic: 1) There is an increase in volume. 2) The price is higher than the 5, 20, 50, and 100-day averages. 3)A five-day average is greater than a twenty-day average. pic. twitter.com/lMfoKJlfOj
August 10, 2023 — GraySearch | graysearch.eth (@GraySearch)
The price movement in May 2023 is comparable to that in May 2023.
The number of trades is increasing. MATIC prices are now currently above critical moving averages of 5, 10, 50, and 100. Moving average trading methods may be particularly useful when there are fast price changes, assisting both sets of traders in identifying entry and exits.
Not to mention trading volumes and moving averages, which are two of the most popular and frequently utilized bitcoin indicators. As a consequence, traders should pay attention to how they respond and take advantage of the ensuing tailwinds.
MATIC will face little opposition if it does not reach $10 by December 2023.
One trader on Trading View believes MATIC will surpass $10 in the next four months if previous price movement leads and Polygon continues to produce.
The bullish trader sees everything aligning for Polygon bulls on the daily chart.
The project’s foundations, on the other hand, set it apart from rivals.
Polygon, as previously stated, provides scalability, interoperability, and cheap trade costs while also acting as a bridge to Ethereum. Polygon presently has approximately 350 projects under construction.
Trading View provided the charts.
Disclaimer: The views presented do not constitute investment advice. Do your homework.