Polygon Price Analysis: MATIC Waits for a Major Move

Summary:
• The Polygon price has done well in the past few days as investors cheer the inclusion of its token in Nexo. The MATIC price has also rallied

The Polygon price has done well in the past few days as investors cheer the inclusion of its token in Nexo. The MATIC price is also rising as investors react to the ongoing expansion of its network as more people seek to scale their apps. It is trading at $1.7400, which is a few points below its all-time high.

Polygon is gaining after Nexo announced that it will add MATIC to its platform. This means that users can now deposit the cryptocurrency in the ecosystem and start earning interest. According to the statement, users will be able to earn as high as 20 APR. This is a major achievement since Nexo has millions of users globally.

Nexo has been adding more cryptocurrencies to its ecosystem. Two weeks ago, it introduced Avalanche’s AVAX token to the ecosystem. This announcement, together with the recent growth of its platform has helped push AVAX to become a top-ten cryptocurrency.

Additionally, the number of developers using Polygon’s ecosystem has risen. They include Exodus, a leading digital wallet and Aave. According to DeFi Llama, there are now 117 DeFi platforms that have a total value locked (TVL) of more than $4.75 billion.

Polygon price prediction

The daily chart shows that the MATIC price has been in a relatively tight range recently. Indeed, the coin is trading at the same level as the 25-day moving average. It has also moved slightly above the ascending trendline shown in black. The coin is also slightly below the important resistance level at $2.23, which was the highest level in October. 

Therefore, this ascending triangle pattern signals that the Polygon price could soon bounce back. For this to happen, bulls will need to push it above the resistance level at $2.23. This action will then see it jump to its all-time high of more than $3. A drop below the ascending trendline will invalidate this view.