Polygon finally breaks the resistance: Will MATIC surpass $2?
Polygon has been one of the best-performing cryptos in the last few months, and it has drawn the attention of various investors because of its high-profile partnership with Instagram. Meta, the parent company of Facebook and Instagram, named Polygon as its initial partner for their non-fungible tokens that allow users to showcase and sell their digital products on social media platforms. On the other hand, JP Morgan, the banking giant, uses Polygon to conduct a live trade, which is the initial step before integrating cryptocurrencies into the traditional banking system.
MATIC is the native token of the Polygon blockchain ecosystem, which is used for utility and staking purposes. MATIC is performing well while the crypto giants like Bitcoin and Ethereum are trading around their support.
Polygon is a layer two scaling platform that offers scalability on Ethereum’s main net. Due to its design, Polygon is a scalable, fast, and secure network that can be used to meet a high volume of transactions and demand, even in off-chain transactions. The platform is popular because of the following reasons:-
- Smooth user experience
- Low-cost transactions
- Extremely scalable
- Higher throughput and easier horizontal scaling
- Native mobile apps and support
Polygon has a great future because many large companies are using this blockchain technology to develop the user experience for their audience. It is an ideal time to invest in MATIC for the long term; if you are interested, click here to read our MATIC predictions.
While writing this post, MATIC was trading around $1.13, which has decisively broken the resistance of $0.95, and it is the right time to invest for the short term.
Most technical indicators are bullish at this time, so you can invest after this breakout. It is tough to predict the target; you can maintain a trailing stop loss to book the profit at the right time. Remember that it is a risky investment in the short term based on its price action. And hence, before investing, traders should refer to CryptoNewsZ’s price analysis section to avoid unnecessary losses.
On the weekly charts, MATIC has formed support around the baseline of the Bollinger Bands. Most technical indicators are bullish, so we think it is a positive momentum for the long term, and you can accumulate Polygon (MATIC) as a long-term investment in your portfolio.