MATIC is in a rebound at the moment and buying volumes are on the rise.
MATIC is an Ethereum layer 2 solution, and with Ethereum set to complete the move to Eth2.0, MATIC could rally.
Key price target for MATIC is $2.2.
Polygon MATIC/USD is a platform that provides services for Ethereum scalability and infrastructure development. The goal has been to make DeFi accessible, especially in an effort of improving its accessibility as well – making it more approachable by those not yet involved or familiar with these types of technologies such as smart contracts.
Polygon Fundamental Analysis
The main characteristic of Polygons’ ecosystem is its four core features: Security – A novel consensus algorithm ensures financial transactions on the network remain unhacked or altered by malicious actors; Ethereum Compatibility – Developers can use Solidity programming language from within their wallets without worrying about which nodes they should connect to for processing jobs (or choose Pre coerced execution); Scalability– As more people join the community daily, they will have enough computing power available at all times to allow them not only grow but also process larger volumes faster than ever before; Sovereignty.
It offers fast processing speeds and low gas fees, making it an attractive choice for the DeFi space and currently has more than 3000 DApps. Some popular ones are Sushi, Aavegotchi, and Arc8.
MATIC is a utility token that powers Polygon; it ensures security and privacy by providing an incentive for nodes to stay on the network. It can be staked, used as payment in transaction fees or traded through exchange platforms.
Polygon Technical Analysis
Source: TradingView
MATIC is in a strong bullish reversal after last Friday’s correction. At the moment, it is trading at $1.92, a key weekly support level. If it breaks this resistance and jumps to $2, then the most realistic target will be $2.2 for early 2022.
The post Polygon price analysis: What next for MATIC? appeared first on Coin Journal.
