The cryptocurrency market entered recently a consolidation mode. After Bitcoin prices reached an all-time high price of around USD 68,000, its prices retraced back to a previous consolidation delimited between 50K and 60K. On the other hand, we witness occasional good news regarding certain altcoins, bringing their prices higher. In this article, we look at Polygon Matic Price, which recently shot around 8% while other cryptos retrace.
What is Polygon Matic Crypto?
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.
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Why did Polygon Matic Price Increase?
While Bitcoin and most altcoins retrace, Polygon MATIC’s price shot 8%. This comes after MATIC was recently listed on 21Shares as a crypto exchange-traded product or ETP. Layer 2 solutions are garnering huge attention lately, and Polygon is one of the leading projects in this realm. Investors are seeing many other projects launching on the Polygon infrastructure, which is faster and less expensive than other blockchains like Ethereum.
Following this listing news, MATIC prices soared by 17%. Prices increased from USD 1.79 all the way towards the psychological price of USD 2.1. Prices did retrace due to profit-taking towards the current price of USD 1.95 and are still up by around 8%.
Can you still Buy Polygon MATIC?
Zooming out and looking at the macro price-action of MATIC, we can clearly see in figure 2 how MATIC prices breached the upper triangle formation. This technical formation was key to estimating a future increase in prices. Technical traders often wait for such price-action to open trades.
On the other hand, if the crypto market continues to retrace lower, MATIC should turn back lower, especially looking at how technical traders reached their targets and are ready to close their positions.
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Rudy Fares
