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MATIC Price Prediction: Is Polygon Still a Good Investment?

MATIC Price Prediction: Is Polygon Still a Good Investment?

Last updated 11th Aug 2022
Disclosure
  • MATIC price has made a strong recovery in the past few weeks.
  • Polygon has inked deals with Disney, Instagram, Adidas, and Stripe.

The MATIC price has gone parabolic in the past few days as investors cheer the latest deal between Disney and Polygon. The token rose to a high of $0.7366, which is the highest it has been since May this year. It has jumped by more than 124% above the lowest level this year.

Crypto rebound continues

Polygon is a leading player in the decentralized industry. It is a sidechain platform that was created to solve the challenges in Ethereum’s ecosystem.

While Ethereum is the most active smart contract platform, it is known for its slow speed and high transaction costs. Polygon solves this challenge by processing Ethereum transactions outside its network.

Polygon has attracted thousands of developers in the past few months. Its website lists over 19,000 developers who are taking advantage of its sidechain solutions. Some of the best-known applications that have been supercharged by Polygon are Aave and Uniswap.

In addition to its layer-2 platform, Polygon has expanded its ecosystem by adding several products. Some of the most notable products are Polygon Hermez, Polygon Edge, and Polygon Nightfall.

Learn more about how to buy Polygon.

Polygon has been embraced by many large companies. For example, Meta Platform’s Instagram launched its NFT solutions using Polygon. It is also used by Adidas and Stripe, the payment giant.

And this week, Polygon said that it was expanding its Web3 infrastructure services with Walt Disney, the giant media company. The company will join the firm’s accelerator program. This accelerator aims to supercharge the development of products like augmented reality, NFTs, and artificial intelligence.

Another catalyst for the MATIC price is that it has been selected to become the new home for projects in Terra’s ecosystem. This could spur more demand for the coin.

MATIC price prediction

The four-hour chart shows that the Polygon price has been in a strong recovery in the past few days. It has managed to move above the important resistance point at $0.6280, which was the highest point in June this year.

MATIC has moved above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has continued rising. It has also moved to the second resistance of the standard pivot point.

Therefore, the coin will likely keep rising as bulls target the third resistance point to watch is at $0.8142, which is on the R3 level.

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.