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Ethereum’s Internet of blockchains that is Polygon (MATIC), has been performing well in the market, albeit the fact that prices of other digital currencies like Bitcoin have taken a dip. That said, crypto folks are now making predictions about how it will move in the coming days.
Polygon popping up
Matic just reached a new high today as it sat at one point at $2.18, which translates to a 25 percent climb FX Street noted. Provided that this trend continues, it is believed that the Polygon will be hitting the Fibonacci extension level, which is at $2.19.
However, the publication stated that the digital currency would most probably start retracing to $1.89 – a 10 percent decrease from its current price at $2.11 (as of press time). Also, bear in mind that this is typically followed by a pullback (probably around $1.60) whenever there’s a surge in price earlier in the week.
The said pullback is pretty much intense, though traders can expect that Polygon would at least get near to the 78.6 percent retracement level at $1.65. Albeit this forecasted decline in price, the virtual currency could still be looking at a retest of $2.19 hence, ushering in a surge to either the 141.4 percent extension ($2.35) or the 161.8 percent level ($2.58).
Why is it surging lately
One might be musing as to why Polygon’s prices are surging as of late. There are several factors as to why MATIC’s behaving as such:
- The addition of 75,000 active user wallets within a week.
- The number of decentralized apps (DApps) that are tracked on Polygon is currently at 93 from 61
- MATIC has benefitted from its quicker and more affordable transactions. This has grown to be in demand right now since the Ethereum network has steeper transaction and gas fees.
The fees on ETH were even made worse due to Dogecoin’s popularity alongside some of the clones like the Dogelon Mars (ELON) and Shiba Inu (SHIB).
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
