A few weeks back, Polygon (MATIC) was not even in the discussion among crypto users across the globe. However, the price of MATIC bounced back in the last few weeks witnessing a demand for the coin. If we take a quick look back in the recent days’ progress, MATIC observed the jump of $1.48 which is about 137% above the lowest since July. Before we look into the MATIC price prediction, it is important to understand why it has witnessed this popularity.
Polygon (MATIC) – Overview
With a total market value of more than $9.69 billion, Polygon is currently the 18th biggest cryptocurrency in the world. If we talk about its exact place on the list of cryptocurrencies, Polygon secures its spot right between Internet Computer and Wrapped Bitcoin.
It is important to mention that Polygon is a layer 3 blockchain that allows developers to optimize their applications. Some of the popular apps that have migrated to the Polygon network include Aave, SushiSwap, Polymarket, Curve Finance, and Beefy Finance.
MATIC Current Price
The current price of Polygon (MATIC) is $1.6359.
Closing Price August 22, 2021
The closing price of MATIC as of the mentioned date is $1.6341.
Opening Price August 23, 2021
The opening price of MATIC as per the mentioned date is $1.6341.
MATIC Price Prediction
As we mentioned in earlier in the article that Polygon was not even in the discussion a few weeks back. The rapidly increasing demand of MATIC increased the popularity of the cryptocurrency to a massive level. The daily chart as per the last two-days timeframe shows that the MATIC price has witnessed a strong bullish momentum. The coin managed to move to the 50% Fibonacci retracement level.
Moreover, MATIC has also risen above the 25-day and 50-day EMA forming a V-shaped recovery. Keeping in view this picture and the technical analysis, our prediction states that MATIC is most likey to maintain its bullish trend on the charts in the next few days. The bulls can target the $1.8315 resistance level to retain their race. However, any move below the 61.8% retracement level can invalidate the bullish thesis.