Polygon Price Up by 6.03% – Time to Buy MATIC Coin?

Polygon’s native currency, MATIC, is showing impressive growth above current resistance levels, a huge motivator for investors who want to buy MATIC.

The coin has been on a steady upward trend and is gearing to surpass the current price and make huge strides in the market.

Polygon is a layer-2 scaling solution that seeks to stimulate the mass adoption of crypto assets by solving most of the scalability problems associated with the Ethereum blockchain.

MATIC’s technical and fundamental indicators will help us understand the coin’s price pattern and the reason behind the asset’s recent rally.

MATIC: Coin Market Position

At press time, the ERC-20 token was trading at $2.14. This current price indicates a 6.03% increase in the last 24 hours. MATIC dominates 0.58% of the global crypto market and is ranked as the 15th most valuable crypto asset.

The scalability-centric blockchain has a market capitalisation value of $15 billion, up 11.45% in the last 24 hours. The crypto asset has a 24-hour trading volume of $3.8 billion, indicative of a whopping 142.03% increase in the past day.

MATIC has accrued a 39.72% increase in the last six months. This percentage increase is impressive, reflecting the coin’s ability to recover rapidly from previous dips and gain more value, as seen on the charts. The year-to-date (YTD) statistics also confirm this bullish trend with a 12,033% increase in price.

The coin is currently making every effort to surpass the current resistance price of $2.16 to gain a new support and resistance price.

This push against all odds shows potential investors the possibility of earning profits from buying MATIC at the current price peg.

The digital currency traded at $1.06 on June 22 but made a slight dip to $0.6 on July 21. The coin quickly recovered with a steady and upward climb to $1.74 on September 5 but tested the support price of $1.06 again on September 29.

The coin made a huge comeback, hitting a new high of $2.128 on October 29 but glided down to the $1.50 price mark on November 19 before resting at the current price of $2.124.

MATIC: Technical and Fundamental Analysis

MATIC’s technical indicators depict a strong bullish run with the 20-day moving average (MA) support price at $1.7. The 200-day MA confirms this bullish trend as it trades at the $1.4 price mark.

The Relative Strength Index (RSI) puts MATIC in the underbought region with a figure of 63, and the moving average convergence and divergence (MACD) trend line indicate a buy signal. These technical indicators confirm that it is a good time to buy MATIC and rise with the bulls.

The imminent bull run of the Polygon native token is due to the recent launch of IDEX’s v3 Hybrid Liquidity DEX on the Polygon network.

This hybrid model aims to cultivate higher returns for liquidity providers while providing the necessary investing tools such as stop-losses, limit orders and real-time execution for traders.

Another reason for the price hike of MATIC in the global market is the scheduled launch of the multi-chain NFT platform, Openbisea, on the PolyDefi platform.

The expected event is also aimed at launching the Openbisea Polygon token called OBS. The PolyDefi platform, an Initial Fund Offering (IFO) platform, is aimed at helping new cryptocurrencies raise funds to kickstart their projects by setting up pools based on a fixed burning rate for their tokens. These fundamentals reflect that MATIC has good investment potentials.

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