The crypto bear market is proving to be over by the day as crypto prices recover from their bottom prices. Polygon prices, in particular, had a spectacular rise as their prices increased by almost 200% in 2 months. As a result, many investors are now eyeing MATIC in anticipation of higher prices, especially after Ethereum’s merge. Is MATIC a good buy in 2022? In this MATIC price prediction, we analyze Polygon prices from a technical perspective.
What is Polygon MATIC crypto?
A scaling approach for Ethereum is shown by the blockchain network Polygon. The goal of Polygon is to make Ethereum transactions easier and less expensive. It takes advantage of layer 2 sidechains, which may more effectively spread out the heavy transaction load among other chains. The name of the network token is MATIC. In addition to participating in the proof-of-stake consensus method, it is used to pay transaction fees. The Polygon network was once known by the acronym MATIC. Future goals for Polygon include becoming a standalone multi-chain network. As “Ethereum’s Internet of Blockchains,” Polygon calls itself.
MATIC Prices breaches 1$ – What Happened?
MATIC prices crashed along with the entire cryptocurrency market. Back in December 2021, MATIC reached a high price of $2.9. However, as the crypto market started to crash, MATIC prices crashed hard and reached a low of $0.34, losing more than 88%.
From that low price, and when the crypto market started to recover, MATIC showed a great recovery, as it managed to grow by around 200% within 2 months to reach the current psychological price of $1.
MATIC Price Prediction – Will MATIC Price reach 2$?
Now that the psychological price of 1$ is reached, MATIC should eye to reach the next psychological target which is the 2$ price mark. However, there is an important resistance to be broken first, which is the $1.35 and the $1.8 price. If MATIC manages to break those two resistances, we can confirm an upcoming MATIC price of 2$.
On the other hand, because of the upcoming Ethereum merge, we predict that there might be high volatility in MATIC prices. This is because Polygon is a layer 2 solution for Ethereum. Any disturbance in Ethereum’s ecosystem might reflect on layer 2s, including MATIC. That’s why we advise to reassess open positions in September 2022 and considering adding stop-loss prices.
You might also like
More from Altcoin
Is XRP a good buy still? Let's analyze in this XRP price prediction and see what's new with the Ripple …
In this article, we’re going to talk about what is the Ethereum Proof-of-Stake Merge, the countdown, and other necessary …