Polygon Price Down by 9.34% – Time to Buy MATIC?

• With a Strong Price Increase in 24 Hours, Many Investors Would Be Encouraged to Buy MATIC
• Payment Processor, Circle, to Bring USDC Stablecoin to Polygon
• Polygon Studios Is Also Working to Bring Terra Developers to the Network

Despite mixed performances this week, crypto prices remain relatively positive. Investors would hope that large-cap coins can see gains in the next 24 hours to propel the market even higher. And many might be looking to buy MATIC as the asset seems to be in a consolidating position.

As one of the most popular layer-two protocols, Polygon has continued to see impressive growth over the past few months. However, should you buy MATIC right now? We’ll examine the coin’s technical analysis.

USDC Coming to Polygon

The Polygon layer-two ecosystem has continued to see impressive adoption as blockchains become more prominent tools for financial services.

In an announcement shared earlier this week, the stablecoin issuer, Circle, confirmed that it would be debuting its dollar-backed stablecoin to Polygon. Users would have a seamless connection between the Ethereum mainnet and Polygon. The move would ensure that users won’t have to bridge their USDC from the Ethereum mainnet to Polygon anymore. With activity on the Ethereum-Polygon bridge causing functionality issues, this move makes asset transfers much more seamless.

Circle chief executive, Jeremy Allaire, said that supporting Polygon USDC in the Circle Account and Circle APIs will help improve USDC’s interoperability across more leading blockchains. As he stated, this would aid in the acceptance of dollar-based digital currencies on the internet.

Polygon also believes that the USDC integration will help smooth over the platform’s onramp and user experience. As users employ USDC for automatic payouts, Polygon could become a stronger force in transaction processing.

Building on Terra’s Ruins

Polygon has become a top destination for developers affected by the collapse of the Terra ecosystem last month.

In the aftermath of Terra’s collapse, Polygon Studios chief executive Ryan Wyatt confirmed that they had launched the Terra Developers Fund – a multimillion-dollar fund – to help Terra developers move from Terra to Polygon.

Developers’ fund will be supported by the $450 million raised by Polygon, back in February, and it is expected to help the network onboard Terra’s developers. With its efforts expected to bring more developers, we expect more investors to buy Polygon in anticipation of a price gain.

MATIC Technical Analysis

Polygon’s MATIC token currently trades at $0.623. This is a gain of 2.81% in the past 24 hours, putting MATIC ahead of the broader market and its 0.001% loss.

Thanks to its performance, MATIC now trades ahead of its major moving average (MA) indicators. These range from the 10-day MA of $0.618 to the 200-day MA of $0.612. This is a major sign for investors looking to invest in cryptocurrency to buy MATIC as the coin exhibits strong price movements.

MATIC demonstrates a buy signal with its positive moving average convergence divergence (MACD).

MATIC currently has a relative strength index (RSI) of 65.29. This shows that the asset is quickly approaching the overbought level. As one of the few large-cap coins to post gains in the past 24 hours, many investors would have rushed to buy MATIC. Given the asset’s strong technicals, it seems to be a solid buy option for investors looking to buy cryptocurrency.

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