The price of Polygon (MATIC), which is the most popular scaling solution for Ethereum (ETH) has increased by more that 28% since the beginning of 2023. The community was eagerly awaiting the Polygon network’s hard fork. In an effort to reduce rising gas prices, the hard fork was put in place.
The post Polygon Hovers at Key Level, Could Trigger Explosive MATIC Price Rally appeared originally on CoinGape.
The price of Polygon (MATIC), which is the most popular scaling solution for Ethereum (ETH) has increased by more that 28% since the beginning of 2023. The community had been waiting for a significant hard fork to take place in the Polygon network. The hard fork was done in an effort to address rising gas prices and reduce the time to finality.
Price Activity for Polygon (MATIC).
This technical breakthrough led to a significant increase in the value of the flagship cryptocurrency. MATICS has seen a significant rise in price over the $1.25 mark over the past few days. The release of U.S. PCE data from the Bureau of Economic Analysis – which emphasized rising inflation – caused MATIC’s price drop on Friday, along with other important assets like Bitcoin (BTC), Ethereum(ETH), and the entire crypto market.
Advertisement
Read more: Check out the Top 10 DeFi Loan Platforms of 2023
MATIC’s price is trading above a critical threshold. A move in either direction can easily be predicted depending on the bounce from the region. Michael van de Poppe, a noted crypto analyst, predicts that MATIC will easily rise 20-25% if there is a favorable bounce. This would translate to a price target at $1.56
MATIC’s Bearish Outlook
The bullish thesis for altcoin could be rendered useless if the price falls below the specified level. Poppe suggests MATIC might attempt to retest $1. Polygon is currently at 57.47% below its 2021 high of $2.92 and has a market capitalization around $11 billion as of the time of writing.
Trending Stories
Request 05 – $MATIC
This one is located at a point where there are potential bounce areas.
If this is happening, 20-25% can then be established.
If not, I’ll be looking for $1 next. pic.twitter.com/s2P3Pjuhjr
— Michael van de Poppe (@CryptoMichNL) February 25, 2023
However, Polygon (MATIC), currently trading at $1.24, represents a decrease in price of 3.40% over 24 hours, and a drop in 17.13% over seven days.
It should also be noted that MATIC’s technical analyses (TA) indicators at CoinGape’s price tracker recommend a Sell position as summarized by the moving averages. This suggests a “sell” at level 10 and a “buy” at 6.
Also read: Massive Hedera Price Drop ahead; Over 3 billion HBAR Tokens set to unlock.
About the author
Disclaimer
The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.
Crypto Stories
View all
