MATIC is a token of the platform Polygon. Its current price is around $1.25 at the time of writing, with a low of $0.3228, and it has a market cap of 10 billion dollars.
What is Polygon (MATIC)?
MATIC is the coin of the Polygon platform, which is around $1.25 at the time of writing, with a low of $0.3228. It reached a high of $2.06, and its current ranking is #10, according to CoinMarketCap, with a market cap of 10 billion dollars.
The Polygon network is growing rapidly due to its use of MATIC tokens. These tokens help govern & secure the platform while enabling users to pay low transaction fees. The platform lets you connect with Ethereum-compatible projects & blockchains, allowing for endless possibilities. Polygon has implemented a modified version of the proof-of-stake consensus process to fuel its operations more effectively.
MATIC Coin Market Analysis
MATIC has a total supply of 10,000,000,000 coins worth around $1.25 with a market volume of 970 million dollars, whereas the market capitalization is 10 billion dollars at writing.
GhostCoin developers recently announced they would no longer develop their two-way bridge with Cardano. Instead, they are now focusing on building within the Polygon network. The news was shared on GhostbyMcAfee’s Twitter handle.
An analysis of the on-chain data highlights a great demand for $MATIC between the price brackets of $0.94 and $1.11, where 49,500 addresses have purchased around 4.65 billion tokens in this range. This high demand might act as a support level if there’s a sudden drop in value.
MATIC Price Prediction
Polygon has been gaining a lot of traction lately & could be an attractive investment for long-term investors in 2023. While some risk is involved for short-term traders, Polygon can provide the right opportunities in the crypto market to earn great returns in the long run.
In the 4H timeframe, the price action of $MATIC/USDT consolidates inside the rising wedge. Currently, the price is getting rejected from the resistance trendline. Therefore, we must wait for a successful breakout or breakdown to confirm its next direction.
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Closing Thoughts
The Crypto market is known for its volatile nature. According to the above analysis, the coins we discussed might prove to be profitable if other market conditions prevail favorably. We suggest you engage in adequate research before investing in any digital assets.
