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Overview
Polygon is a scaling solution that aims to provide safe, yet fast transactions on the blockchain network. The network intends to create a world where-in people and machines collaborate and exchange values throughout the globe. Moreover, the platform intends to eliminate the mediators and create a world that thrives and remains unaffected by artificial borders.
The native token of the network is MATIC which went live on trade in 2020 and became a very tough competitor in the world of Decentralized Finance(DeFi). Further, the rebranding from Matic Network to Polygon also helped the token to reach great highs. Yet attempting to resume with the bull run, the MATIC crypto aims to mark the target above the current ATH.
Polygon(MATIC) Fundamental Analysis
Polygon is layer-2 built on Ethereum which intends to improve the scalability of the network without impacting the main blockchain. Polygon, like other networks like Polkadot, Avalanche, Cosmos, etc, supports much Decentralized Finance(DeFi) protocols available on Ethereum.
Polygon comprises the Software-development kit(SDK) used to build the DeFi applications supported by Ethereum. Interestingly, these applications are built as sidechains and later connected to the ETH ecosystem. Sidechains are built either using Plasma Chains, zk-Rollips or Optimistic Rollups. The network uses the Proof-of-Stake algorithm in which the network participants can stake MATIC coins.
Will MATIC Price Hit $5 in 2021?
MATIC price since its inception maintained a very silent trend and traded much below $0.1 levels. The asset remained low-key since the beginning of 2021 where the other altcoins already initiated a healthy uptrend. No sooner than the Matic Network was rebranded as Polygon, the MATIC coin price gained huge bullish momentum and propelled nearly 20,000% to hit the highs around $2.8.
However, ever since the May crash, the Polygon price trembled a lot and revisited the lows at $0.62. Ever since then the asset maintained a stable rally and coiled up consistently, the price has currently regained its lost positions above $2. Yet the current market sentiments are pretty shaky and hence the asset is trying all possible ways to sustain above $2.
Therefore, to end the yearly trade on a bullish note, the Polygon crypto price needs to clear the mandatory resistance levels at $2.2. However, the target set at $5 appears to be pretty tough to achieve in the current year. Yet as many expect the fair Alt Season to gear up in Q1 2022, MATIC price may hit the target somewhere in January or February 2022.
Factors Affecting Matic Price Today
Polygon being unaffected by the MATIC price trend, work focuses on the development of the network. And hence continued to partner with multiple platforms every new day. Due to the strong fundamentals and including multiple new features, Polygon tends to grow to highs shortly.
Coming to the technicals, the Relative Strength Index(RSI) is hovering within the average levels from the past couple of months. And hence showcasing a sense of a stabilized rally eliminating steep pullbacks. On the other hand, MACD also displays decent buying and selling pressures mounting over time. Therefore, indicating a smooth trade happening without any external influence.
MATIC price today is $2.11 with a drop of 16.64%. The asset needs to end the yearly trade on a bullish note and smash its current ATH at around $2.8 to kick start 2022 with a bull rally. However, the bears may try to extract their profit but the bulls should not get exhausted or become passive for more time. And hence the MATIC network price prediction for the year 2021 may be pretty bullish as the $3 milestone may be achieved soon.
Additional Read: Polygon Matic Technical Analysis
Where to buy Polygon(MATIC)
Polygon (MATIC) crypto price has become very popular ever since it showcased its gigantic rally in the first half of 2021. It also attracted many popular hands in the crypto space like Mark Cuban. And hence many popular exchanges quickly listed the crypto on their platform. However, if you are wondering how to buy Polygon in India, then CoinDCX may be the best-suited platform to deal with.
CoinDCX offers a wide range of assets with different pairs to trade within a safe and secure environment. The transaction fees are also very affordable and trading on CoinDCX is just not a tedious job. So all you need to do is download CoinDCX mobile app and register yourself following a few simple steps.
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