Polygon Price Up by 7.40% – Time to Buy MATIC Coin?
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Despite the gloomy condition of the global crypto market, Polygon is making significant efforts to establish a bullish run, encouraging investors to buy MATIC.
Polygon, touted as a Layer-2 scaling solution, aims to simplify scalability and enable quick blockchain transactions.
To better understand MATIC’s price movement, we’ll look at the technical indicators and fundamental variables that influence the crypto asset, assessing whether now is a good time to buy MATIC.
MATIC: Coin Market Position
At press time, the ERC-20 token is worth $2.272. MATIC’s current pricing is indicative of a 7.40% increase in the last 24 hours. The 14th most valuable digital asset, Polygon presently controls 0.73% of the global crypto market.
The proof-of-stake token has a market capitalisation value of $23 billion and is up 9.37% in the last 24 hours. MATIC has a 24-hour trading volume of $2.06 billion and has recorded an impressive 29.31% increase in the last day.
The digital asset has increased by 92.05% in price in the preceding six months, while year-to-date (YTD) figures show MATIC has climbed to 13,034.24%.
The digital coin’s upward trajectory demonstrates the asset’s potential to adjust during market declines and gain additional value.
The currency has outperformed earlier projections, gaining new support and resistance prices. This consistent upward trend is a major incentive for investors to buy MATIC.
On July 24, the polygon utility token was trading at $0.927, but on August 13, it jumped to $1.110, nearly double its prior price.
The digital currency rose in price, hitting a high of $1.507 on September 7 before falling to $1.213 on October 12. The asset gained traction and rose over its previous price, hitting a high of $1.857 on November 15 before soaring to its current price of $2.272.
MATIC Technical and Fundamental Analysis
The ERC-20 token’s technical indicators confirm the bullish run as the coin is seen trading above the 20-day moving average (MA) support price of $2.140. The 200-day MA backs this bullish record with a support price resting at $1.446, well below the current market price.
MATIC is in the underbought region on the chart as the Relative Strength Index (RSI) puts the asset on the 57.73 figure. A sell signal can be seen on the moving average convergence and divergence (MACD) chart, with the yellow trend line taking the lead.
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.
MG Motor India is dabbling in the non-fungible token (NFT) market with a planned introduction of its collection using Polygon’s network. The Polygon official account shared a tweet to announce this collaboration.
The Hector and Gloster SUV manufacturers intend to offer 1,111 NFTs, including GIFs and static graphics. The Non-Fungible Token (NFT) line will come in a variety of flavours. Morris Garages is known for its legacy, community, and variety, as well as its use of the automobile as a platform for collaborative art.
In addition, Polygon MATIC token holders can now utilise the Ledger Live app while keeping their funds safe in their Ledger hardware wallets.
With 1.5 million monthly users, Ledger Live is a cryptocurrency management tool that allows users to manage, purchase, and transfer their tokens without ever leaving the protection of the Ledger hardware wallet.
Users may purchase MATIC tokens directly using MoonPay and trade them for other tokens via 1inch and Paraswap. Both the desktop and mobile versions of the software are available for use.
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