Key Takeaways
- MATIC price started its upsurge above the level of $0.620 against the US dollar.
- MATIC is trading above $0.650 and a 100-hour simple moving average.
- The short-term bearish trend is broken at the resistance level of $0.6350 on the hourly chart of the MATIC/USD pair.
- MATIC/USD could gain bullish momentum if it rises above the resistance levels of $0.680 and $0.700.
Polygon (MATIC) is showing a positive trend from the $0.580 zone. The token is rising and might gain bullish momentum after crossing the $0.70 resistance level. After creating a base above the $0.5750 level, the price of the Polygon started to race above the pivotal level of $0.60.
The growth is similar to that of Ethereum and Bitcoin. The token has raised above the level of $0.650. The small bearish trend was broken by resistance at $0.6350 on the hourly chart of the MATIC/USD pair. The resistance level of 0.680 was tested by the pair.
The pair is now consolidating gains. It is now well above the Fib retractive level of 23.6%. The Fib retracement level of the upward move is from the $0.5715 swing low to the swing high of 0.6800.
MATIC is trading above $0.650 and the 100 simple moving average value. The immediate resistance is near the $0.680 zone. The first major resistance to bypass is near the $0.70 level. If the token manages to break the resistance level of $0.70 then the price may continue to rise.
The next major resistance level is $0.750.If the token managed to rise above this resistance level then it may start a steady increase. In this case, the price may upsurge up to the level of $0.780 or even $0.80.
If the price of the token could not achieve the resistance level of $0.680.The token may face a declining trend. The immediate support level for the token on the other side is near the $0.650 level. Where $0.6250 remains as the main support level or 50% Fib retracement level for further upward movement.
The upward movement is from the $0.5715 swing low to the $0.6800 high. On the other side, a downside break below the level of $0.6250 level can cause a further decline towards $0.60.The support below this range will be $0.5750 level.
Current Price Analysis of Polygon (MATIC)
At the time of reporting this, the current price of Polygon is $0.730632.The 24-hour trading volume is $67,660,026. Polygon has been upsurging 93.50% in the last 24 hours. The live market capitalization of Polygon is $1,603,788,437. The circulating supply of the token is 2,223,558,872. The total supply and maximum supply of the token is 10,000,000,000.
MATIC tokens are available on centralized crypto exchanges. The most popular exchange for trading Polygon is the Coinbase Exchange.MATIC/USD is the most active trading pair. Other exchange options for trading MATIC are BingX and Kraken.
Historical Price Analysis of Polygon (MATIC)
The 24-hour range of the token is in between the lower value of $0.5736 to $0.7261.The 7-day range of the token is between the low of $0.5101 to a high value of $0.7215.
The highest value paid for the token is $2.92 recorded in December 2021. The lowest value of the token is $0.003144 recorded in May 2019. The current price is 22,940.60% higher than the all-time low value.
The price of Polygon MATIC increased by 33.50% in the last 7 days. Now the token is outperforming the global cryptocurrency market which surges at 9.60%.
Polygon(MATIC): Major Milestone Data
Since the initial launch of Polygon in 2017 as Matic Network, there have been numerous notable milestones attached to the project. Here is a summarised version of the major milestones updated in the project.
| June 2022 | Launch of Polygon ID |
| October 2022 | Introduced Polygon Supernets |
| March, 2023 | Launched Polygon zKEVM |
| June, 2023 | Introduced Polygon 2.0 |
| September 2023 | Phase 0 of Polygon 2.0 was initiated |
| October 2023 | Ethereum Mainnet introduced POL tokens |
| January 2024 | Aggregation Layer was introduced as a part of Polygon 2.0 |
| February 2024 | Announced the release of Type 1 upgrade for zKEVM |
Final Thoughts
MATIC has become a significant player in the crypto ecosystem by tackling the speed issues of the Ethereum blockchain. It is a Layer 2 solution that allows faster and cheaper transactions that leverage the security and ecosystem of the Ethereum blockchain. Thus developers can build dapps by avoiding the high fees Ethereum blockchain.
Polygon is expected to grow along with Ethereum 2.0 updates. It is likely to become a vital companion that is going to attract more projects and users over time. Polygon’s growth may seem promising to investors but it is not risk-free.
The popularity of Polygon is increasing in DeFi and NFT for its efficiency which raises the competition. Smart partnership along with a strong ecosystem makes Polygon an attractive investment option.
Also read: Top Cryptocurrencies Whales Are Buying For Maximum Gains
