Polygon (MATIC), the best-performing cryptocurrency among all 15 in terms market capitalization, outperformed expectations regarding its trading price.
According to the latest track from, trading at $1.11 CoingeckoAt press time, altcoin had climbed by 26% in the last week. Also, its biweekly performance and monthly performance are impressive. Both have increased by 23 and 35% respectively.
Here’s a quick glance at how MATIC is ushering the new month.
- Polygon still holds $1 to ensure another bullish run.
- A drop below $1 could indicate a return of $0.8 to MATIC’s support region
- Altcoin has seen a 26% increase in the past seven days and is now ahead of Ethereum and Bitcoin.
If MATIC could sustain the surge today which allowed it to reach its peak of $1.28, those numbers might have been much higher. The stock has dropped 8.6% in the past year.
Now, the crypto’s focus must be on maintaining the $1 marker as doing so will boost its chances of hitting higher prices such as the coveted $1.5 region.
Polygon shrugs off a shaky start for crypto space this week
Altcoins experienced a stunning run, many of which saw significant price rises. Ethereum managed to cross the $1,600 mark while Bitcoin was the first crypto to reach the $21K threshold.
Cryptospace is however off to an uneven start, as frontrunners began their price correction phases.
Bitcoin trades at $19,701 right now, but Ethereum traded below the $1500 mark to move at $1.475.
Polygon is the alternative. StabilFor now, it remains above $1. This could indicate that the cryptocurrency is priming for a bullish breakout.
MATIC could reach the $1.5 resistance zone and possibly even the $2 threshold if it succeeds in this endeavor. The altcoin would be within striking distance from the $2.92 all-time high (ATH), which it reached in December 2013
However, the most likely destination for the crypto is $0.8 support level, in the event that it falls below $1.
Polygon Partnership with Large Companies Pays Off
MATIC’s ability to provide this service is one reason why. Reverse the bearish trend that is slowly building that is looking to take over the crypto marker once again is its network’s efforts to partner with well-established companies.
Last Thursday saw the Polygon chain announce its partnership with Meta owned Instagram. This will give its customers the opportunity to Mint and sell Non-fungible Tokens (NFTs).Through its platform.
JPMorgan Chase, a global financial institution, was also present that day. The Polygon blockchain was usedNetwork executes its first transaction under a Decentralized Finance Environment (DeFi).
These positive stimuli continue to keep MATIC’s head above waters as the larger crypto market is once again sailing on a sea of red.
MATIC market cap is $10.19B on the daily chart| Featured image from The Economic Times, Chart: TradingView.com