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Polygon Network is a promising player in the cryptocurrency market with the potential to dominate. It is a Layer 2 scaling solution for Ethereum aimed at solving the scalability problems faced by the Ethereum network. Several factors can contribute to MATIC Network dominating the cryptocurrency market. Polygon offers faster and cheaper transactions, which can attract more users and developers to the platform.
The project has formed partnerships with well-known cryptocurrency and decentralized finance companies, which can increase adoption and usage. The development team behind Polygon is strong and experienced, with a proven track record. MATIC has a large and active support community who believe in the potential of the platform, which can help drive adoption and use.
Polygon has maintained a strong position in the crypto rankings by amassing a net worth of $10 billion in market capitalization and massive double-digit moves in the last 24 hours.
While January 2023 ended positive for MATIC, February was even more bullish as the token was able to overcome its near-term resistance at $1. Read us Polygon price prediction to find out whether the token can break other resistances or not!
The daily and weekly charts confirm a similar resistance at $1.27; breaking it could provide the strong uptrend impetus we have been waiting to witness on MATIC. Polygon has created a strong bullish price action pattern with small profit bookings along the way. Support can be seen available at $0.94, while resistance is available at $1.27.
The strength of Polygon’s bull run can be ascertained from the fact that its last trade traded at a very large premium to its 200 EMA curve, confirming the start of the bull run.
This price trend could be at the very beginning of its formation. As technical indicators such as RSI and MACD survive any profit booking impact with a decent increase in transactional volume, we can witness a rise of MATIC to $2 relatively easily.
MATIC has an all-time high at $2.92. Compared to the progressive candlestick moves and recovery seen on leading market movers like BTC is another positive element supporting the bull run. This run may be shortened by the impact of government policies on active trading of cryptocurrencies as an asset. Those who are profitable should therefore plan to book partial values at the end of the current fiscal year.
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