- Summary:
- MATIC price has been in a bullish trend in the past few days as cryptocurrencies rebound. Polygon coin rose to a high of $0.8612
MATIC price has been in a bullish trend in the past few days as cryptocurrencies rebound. Polygon coin rose to a high of $0.8612, which was the highest level since September 15 of this year. It has risen by more than 22% from its lowest level in September. As a result, the coin’s market cap has jumped by more than $6.3 billion.
Why is Polygon rising?
MATIC has made a strong rebound in the past few days even as the network sees significant challenges. For one, its DeFi ecosystem has seen its total value locked (TVL) crash from more than $10 billion to about $1.3 billion.
A closer look at blockchains using its platform shows that it accounts for a tiny part of the ecosystem. For example, while Uniswap’s Ethereum platform has over $5 billion in TVL, its Polygon platform has just $88 million. Only three platforms, Aave, Curve, and Quickswap has over $100 million in assets in its platform.
Still, Polygon’s recent partnerships will likely help to supercharge its growth. For example, this week, the network announced that it will partner with Shopping.io as a payment option. It has also partnerships with Blockchain Founders Fund, Disney, Starbucks, and Quadrata.
MATIC price has risen as other cryptocurrencies and stocks bounce back. For example, Bitcoin has done well and is now hovering at $20,000. Other cryptocurrencies like ETH, XRP, and Casper Network have also risen sharply. Stocks have also risen in the past few months, with the Dow Jones and Nasdaq 100 also rebounded.
MATIC price forecast
The four-hour chart shows that the Polygon price has been in a strong bullish trend in the past few days. It rose and hit a high of $0.8600, which was the highest level since September. The coin moved above the important resistance level at $0.7930. The bullish trend has moved above the 25-day and 50-day moving averages while the MACD has continued.
Therefore, MATIC price will likely continue rising as bulls target the next key resistance level at $0.9435, which is about 12% above the current level. The stop-loss of this trade will be at $0.800.
