Polygon Price up by 28.33% – Time to Buy MATIC Coin?
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Polygon is making great moves to establish a bullish run despite the bearish nature of the global crypto market, prompting investors to buy MATIC.
MATIC has been showing signs of an uptrend and seems to be moving on to new resistance and support prices.
Polygon is a scaling solution network protocol that is aimed at improving the adoption of cryptocurrencies by rectifying issues associated with the Ethereum blockchain.
To further understand MATIC’s price movement, we will take a look at the technical indicators and fundamental factors influencing the crypto asset which will determine if it is a good time to buy MATIC.
MATIC: Coin Market Position
At press time, the ERC-20 token is trading at $2.32. The current price of MATIC is indicative of a 28.33% increase in the last 24 hours. The Polygon utility token currently dominates 0.68% of the global crypto market and is the 14th most valuable digital asset.
MATIC has a market capitalisation value of $16.3 billion and is up 31.09% in the last 24 hours.
The crypto asset has a 24-hour trading volume of $5.1 billion and has recorded an impressive 60.5% increase in the last day.
The digital asset has accrued up to a 73.02% increase in price in the last six months and the year-to-date (YTD) statistics put MATIC at a 13,312.97% increase.
The progressive movement of the digital coin shows the asset’s ability to make corrections to dips and gather more value in the market.
The coin has surpassed previous predictions to gain new support and resistance prices. This constant uptrend is a strong motivation for investors to buy MATIC.
The polygon utility token was trading at the price of $0.69 on July 21 but made an impressive jump to $1.50 on August 14 which was double the previous price peg.
The digital asset continued to move upwards, reaching the price mark of $1.74 on September 4 but dipped to $1.31 on October 5.
The asset gathered momentum and soared above the previous price, reaching $2.03 on November 4 and continued on the upward trend to its current price of $2.32.
MATIC Technical and Fundamental Analysis
MATIC’s technical indicators confirm the bullish run as the coin is seen trading above the 20-day moving average (MA) support price of $1.8. The 200-day MA backs this bullish record with a support price resting at $1.4.
The Relative Strength Index (RSI) puts MATIC in the underbought region as the chart anchors the asset on the 68 figure. The moving average convergence and divergence (MACD) trend line depict a strong buy signal.
The digital asset’s impressive indicators are due to a couple of fundamental factors, playing to the asset’s favour and encouraging investors to buy MATIC.
Aurox, a free trading terminal, is preparing to launch on the Polygon Network to facilitate trade and lending of crypto without the unnecessary fees and arbitrage opportunities that only enrich middlemen.
With the integration on the Polygon Network, traders will also be able to execute orders with Polygon without switching between platforms. This fulfils the long-term vision of Aurox to create a product for bridging assets across various chains.
Another reason MATIC is making impressive gains, despite the crypto market’s downtrend, is that the Decentralised Storage Platform, DeNet, is planning to launch on Polygon.
This project will significantly reduce the price of transactions in the Ethereum blockchain by 300% and help the DeNet platform become one of the most secure markets of information storage available.
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