By Franklin Smith
- MATIC saw a 9% value increase over the previous 24 hours.
- That way, the alt increased its total market capitalization.
- The token can attain higher levels within the coming month.
Polygon is a multi-level network designed to scale Ethereum via sidechains. MATIC is the governance coin that runs the Polygon network. Users can utilize the currency to help in ecosystem developments, staking, and paying transaction fees.
Finity Launch as Growth Catalyst
Polygon network saw multiple developments recently. On 22 February, the platform rewarded a white-hat hacker with $75,000 for identifying a bug. After that, Polygon Team announced Finity launch to solve challenges with Web3’s UI/UX.
The Cambrian dApps explosion presented a bullish signal for Web3 overall adoption. In that context, Finity is an interconnected system designed to allow developers to prototype, scale, and launch products without compromising on usability and aesthetics.
That matched Polygon’s primary mission to ensure secured, affordable, and quick energy-friendly ETH infrastructure and scaling solutions. That allows developers to create apps seamlessly while booting MATIC price.
Should You Buy MATIC?
Polygon traded at $1.53 on 23 February. We should analyze MATIC’s journey to ATH plus price movements within the past month for the token’s future. Polygon hit its all-time peak on 27 December 2021, when it explored the value area of $2.92. With that, the altcoin stays 91% beneath its record peaks.
However, MATIC touched monthly highs on 1 January 2022, when the asset touched the level at $2.58. Meanwhile, the lowest point emerged on 24 January, when Polygon plunged towards $1.32. That translated to a 49% decrease for the alternative coin. However, MATIC gained 16% from 24 January to 23 January. That way, analysts believe the alt will hit $2 before March 2022 ends.
MATIC Should Cross Upside Filters
The daily chart shows MATIC trading within a downward channel, exhibiting a lower high lower low pattern. The 55% drop from record peaks saw the alt securing dependable support at the triple bottom setup near $1.35.
Polygon crossing the 50-day exponential moving average will eye the following upward target at $1.83. A weekly or daily candle close beyond this level is necessary to hit the psychological level at $2.0. Meanwhile, selling momentum resurgence might see MATIC dropping towards Tuesday lows of $1.34.
Editorial credit: FellowNeko / shutterstock.com
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