Polygon is a top contender when it comes to scaling Ethereum. When we talk about Ethereum, we talk about smart-contracts and real-life applications of decentralization. Polygon is a project that helps spreading this mission, hence helping projects plug into the Ethereum ecosystem. Its native token MATIC not only outperformed most tokens in the past year, but also is on the verge of booming. In this article, we’re going to explain why you should buy Matic today, and why Polygon is a good addition to your crypto portfolio.
Why all the Fuss about Polygon?
Polygon is a project that aims to bring Ethereum’s blockchain to the masses. In order to do so, it provides an easy “plug-and-play” solution to crypto projects. This not only increases the demand for Ethereum, but also for the entire crypto industry. Using Polygon, one can create optimistic rollup chains, ZK rollup chains, stand alone chains or any other kind of infrastructure required by the developer.
Polygon effectively transforms Ethereum into a full-fledged multi-chain system. That’s why it was given the attribute of the “Internet of Blockchains”. This multi-chain system is related to other projects such as Polkadot, Cosmos, and Avalanche with the advantages of Ethereum’s security, smooth ecosystem and openness.
Why should you BUY MATIC Today?
When investors and traders approach an investment, they not only look for fundamental news, but also technical formations. This means that they pay attention to past price behaviors, and try to forecast what might happen in the future. With fundamental news being constant or improving, good technicals often translate into good trade entries.
For Matic’s case, today’s technical formation is the perfect buying opportunity. In fact, prices are currently on a very strong Buy zone which is the 1$ support area.
Zooming into the 4-hours chart in figure 2, we can clearly see how prices are expected to go higher towards the USD 1.2 price area. This would be the first target, yielding a nice 20% within an expected 3 day range. A second target would be the USD 1.6 area that would yield another nice 60%, though not expected anytime soon.
On the other hand, one must always plan for the worst. That’s why a sensible stop-loss below the USD 1 price is a good plan, as prices failed to dip below this psychological area recently. Of course, this all depends on your risk appetite.
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