What is Polygon (Matic)?
Polygon (Matic), a blockchain network founded by three software engineers from India in 2017, uses a Proof of Stake (PoS) algorithm and is designed to solve the problems with the Ethereum blockchain.
It's an add-on over the top of Ethereum using smart contracts. Instead of conducting transactions directly on the Ethereum network, Polygon processes them first, improving the network congestion changes and sacrificing security and transaction fees.
Polygon has a native currency called Matic, which is among the world's top 20 cryptocurrencies and listed on more than 90+ exchanges like Binance, Coinbase, Crypto.com, Gemini, and BitMart.
Most traders focused on the technical part of crypto to predict the price. Yes, they are right, but to get high efficiency and probability, you should also check out the fundamental part.
Matic Price Prediction For Oct 2022
- Trend: Sideways
- Temporary Support: AVWAP
- Strong Support: $0.64 - $0.60
- Resistance: $1.0
- Relative Strength : 40
At present, Polygon (Matic) is taking support near the Anchored VWAP Line ($0.70), and as shown in the above chart, VWAP supports the Matic price multiple times.
But if VWAP failed to provide support, then the last & strong support is near $0.64 to $0.60 on the daily chart candle. If the day's high close is below $0.60 and not sustained, then we may see a minimum downfall of 30%
However, if MATIC sustains these levels, we can expect an upside move up to 1 dollar, which is the resistance zone. But before taking any trade, you should consider several indicators such as moving averages, relative strength (not index), and the volume-weighted average price for better understanding.
Polygon Matic is a fast-growing Ethereum-based network and is included in the world's top 20 cryptocurrencies. Also, the Matic chart is a little better than other cryptocurrencies and has a higher potential to provide great returns. This makes it an attractive trading platform for investors and traders interested in big momentum trades.
We know that the previous Matic's all-time high price was $2.87, and there are many resistance zones in the upper levels. Therefore, it is unlikely that Polygon Matic will hit $5 this year. However, as crypto makes significant changes in the future, we believe that investors will be able to make more ROI from crypto.
We are not in the old days when the Crypto price rose to 100x in a few months. And talk about long-term price prediction - We don't know where the Matic or any crypto is going. Remember, it's all forecast based on previous levels and technical tools - No one knows the Future.
The information is based on previous levels and technical analysis models. They should not be considered investment advice. Before taking any investment or trading decision, you should thoroughly research a market and seek professional advice before starting trading and investing in crypto.