The Polygon price has done well in the past few weeks. MATIC, its native token, is trading at $1.92, which is about 33% above its lowest level in November. It is a few points below the important resistance level of $2, which was the highest point last week. It has a market capitalization of more than $13 billion and is the 18th biggest cryptocurrency in the world.
MATIC November review
Polygon had a relatively mixed November. The month started relatively well as the MATIC price soared to about $2.15. These initial gains were undone when the coin tumbled by about 32% and reached a November low at $1.4550. This price action mirrored that of other key coins like Bitcoin and Ethereum.
The Polygon price has jumped in the past few days as investors focus on the developments in its ecosystem. The number of developers moving to Polygon’s ecosystem has risen substantially. They are attracted by the relatively faster speed in the network and the stability of its ecosystem.
Also, developers are attracted to the venture capital support within the ecosystem. Some of the top developers that are now building on Polygon are Chainlink, Arweave, Akash Network, Gitcoin, and Alchemy Pay, among others.
MATIC has also done well after the developers partnered with Nexo, the giant payment platform. The partnership means that MATIC holders can now generate yield of up to 20%. This was a major step considering that Nexo has millions of customers from around the world. We recently saw the Avalanche price also do well after it moved to Nexo.
Polygon has become a leading player in the Decentralized Finance (DeFi) industry. According to DeFi Llama, the total value locked (TVL) of the network has jumped to more than $5 billion. The number of platforms in the system has risen to more than 120.
Polygon price prediction
On the four-hour chart, we see that the MATIC price found a major support at about $1.4938 in November. It struggled moving below this level several times during the month. Now, the coin is attempting to move above the important resistance at $1.9678, which was the highest point last week.
The coin is also being supported by the 25-day and 50-day moving averages while the MACD has moved above the neutral level.
Therefore, the outlook for Polygon for December is bullish. The key levels to watch will be October’s high at $2.2225, which is about 15% above the current level.
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