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MATIC Price Prediction: Has Polygon Bottomed?

MATIC Price Prediction: Has Polygon Bottomed?

Last updated 11th Aug 2022
Disclosure
  • MATIC price has rallied by over 80% from its June lows.
  • Polygon partnered with Nothing, an upcoming smartphone manufacturer.
  • My previous estimate on MATIC was highly accurate.

Polygon MATIC price has continued its bullish rally as investors buy the dip. The coin has risen to $0.5727, which was the highest level since June 26th. This price is about 80% above the lowest level in June this year.

Polygon partners with Nothing

Polygon is the biggest layer 2 blockchain company in the world. The developers have built a platform that accelerates and supercharges applications that are created in Ethereum.

In the past few months, tools provided by Polygon have been expanding. The most recent product added in Polygon’s network is known as Polygon ID. It is a privacy application that ensures that apps have advanced secrecy features.

Polygon has also launched products like Nightfall, which is a scaling platform based on zero-knowledge cryptography and Polygon PoS. The latter is an EVM-compatible sidechain that is secured by more than 100 validators. Other products in Polygon’s ecosystem are Hermez and Edge. Developers are building Polygon Miden, Polygon Zero, and Polygon Avail.

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Polygon has had a lot of success in the past few months. According to its website, it is already used by over 19,000 app developers in all industries. At the same time, it has saved users over $140 million in gas fees while the number of MATIC staked has risen to more than 4 billion.

Still, like all cryptocurrencies, MATIC price has not been spared by the ongoing sell-off. Its price has dropped by over 70% from its all-time high while the total value locked in DeFi has crashed by over $7 billion.

The ongoing recovery of Polygon’s price is mostly because of the ongoing rebound of other cryptocurrencies, Bitcoin has surged above $22,000 while the total market cap is approaching $1 trillion.

Polygon also recently partnered with Nothing, a small tech company that is building smartphones. The partnership will help Nothing build NFTs based on Polygon’s technology.

MATIC price prediction

My most recent Polygon prediction was accurate. In it, I noted that the coin had formed an inverted head and shoulders and pointed that it will rise to $0.6324. Since then, the coin has continued rising and is now approaching this target price.

It has moved above the 25-day and 50-day moving averages while the Relative Strength Index has moved above the overbought level. Therefore, I suspect that the coin will keep rising as bulls target the original target at $0.6324.

Crispus Nyaga

Crispus Nyaga

Crispus is a financial analyst with over 9 years in the industry. He covers cryptocurrencies, forex, equities, and commodities for some of the leading brands. He is also a passionate trader who operates his family account. Crispus lives in Nairobi with his wife and son.