This Polygon price analysis 2021 article is based on technical analysis alone. Below, you will see the key measures that we have considered upon coming up with our Polygon price analysis.
Nowadays, cryptocurrency is a very speculative source to gain very attractive returns on investment. However, many cryptos surged during this 2021 bull run. In contrast, some crypto also had a downtrend.
Many traders and investors are confused about whether it is time to sell or hold out for a good price. The same can be said for Polygon. In fact, the MATIC price reached an all-time high price of $2.68 on May 18.
Polygon is the first platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that helps building multiple types of applications.
Using Polygon, one can create optimistic rollup chains, ZK rollup chains, stand alone chains or any other types of infra required by the developer.
Now that we have an idea about Polygon, do you think MATIC will be a profitable crypto in 2021? Are you curious to find out already? Join me and let us see the charts in this Polygon price analysis.
MATIC Current Market Status
As of writing this Polygon technical analysis, MATIC is at $2.19 with a 24-hour trading volume of $9,756,688,369. The price has increased by (3.23 %) in the last 24 hours.
MATIC has a current circulating supply of 6.15 billion. The total maximum supply of MATIC is 10,000,000,000. Currently, the top crypto trading platforms for MATIC are Binance, Huobi Global, OKEx, FTX, and CoinTiger.
Now, let’s proceed to the next part of this MATIC technical analysis for 2021.
MATIC Technical Analysis 2021
Currently, MATIC holds the 14th place on CoinGecko. But will the recent changes and development in the blockchain help the cryptocurrency price to grow higher? Let’s proceed to the charts in this MATIC price prediction article.
As shown above, at the beginning of this, Polygon turned from its bear-to-bull trend. This shows a high trade volume occurred in that period. Moreover, in the daily time frame, Polygon showed an Ascending Scallop pattern.
Normally, this pattern is followed by an uptrend position but in some cases the pattern can change and move into a downtrend position. More so, in this chart above the pattern took a month for the formation to take place.
When it comes to Moving Average Convergence/Divergence (MACD), the MACD is about to perform a bullish crossover against the signal indicator. This means that traders and investors may expect a bullish day ahead once the bullish crossover takes place. However, if the MACD points towards a downward direction, it will be a different story.
The Relative Strength Index (RSI) is above 70, which means that Polygon is in an overbought state and may trigger a price reversal at any given time. Therefore, traders must trade wisely and must not be affected by the market hype. With this in mind, traders can be cautious and avoid unexpected losses due to the crypto market’s wild swings.
Let us also look through the Simple Moving Average (SMA) and the Exponential Moving Average (EMA).
Since the start of 2021, Polygon’s price has seen many bullish moves higher than the previous one. More so, these were followed by fluctuations, corrections, and consolidation right away. Taking this into consideration, MATIC has a vibrant market this 2021.
Polygon has a bright future ahead of it in 2021. Furthermore, with ongoing developments happening within the MATIC ecosystem, we may see MATIC reach new heights in the overall crypto market.
Bullish MATIC price prediction 2021 is $5. As said above, it may even reach $10 if investors have decided that MATIC is a good investment in 2021, along with mainstream cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).
Polygon is the first platform for Ethereum scaling and infrastructure development. Its native token is MATIC.
Users can purchase their MATIC tokens by purchasing them from cryptocurrency exchanges such as Binance or Huobi Global.
MATIC is a good investment in 2021. However, traders and investors need to take extra care when trading in cryptocurrencies, as they are extremely volatile.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.