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Polygon is Flying, MATIC/USDT Prices Rally Away from July 2021 Highs, race to $2.5?

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Polygon brings the ideal to blockchain transacting and smart contracting.

The network brings speed, scalability, and negligibly low transaction fees.

This is what the crypto trading and DeFi community are desirous of, yearning for every day in their trading cycle.

Polygon Status and Market Performance

Coupled with the platform’s interoperability with Ethereum and other smart contracting platforms, enabling DeFi, Polygon has become one of the most valuable protocols around.

The network’s native currency, MATIC, commands a market cap of over $8.9 billion as of writing. It is also one of the top performers on the last trading day.

To quantify, MATIC is up eight percent versus the greenback on the last trading day, adding an impressive 11 percent against BTC and ETH in the same period.

What’s more? Even despite the headwinds of the Asian session, the average trading volumes are up a whopping 78 percent to around $2.3 billion in the same time frame.

Supporters of Polygon could pin this on the platform offering a solution where Ethereum miserably fails—scaling.

Polygon Price Daily Chart for Aug 12

Scanning the daily chart also points to strength and possibly encouraging buy trend continuation. It is in such perfect conditions that swing trading strategies can lead to best results.

For example, MATIC/USDT buyers appear to be building on Aug 11 bull bar, breaking away from last week’s consolidation.

Notably, the upswing is with a spike of trading volumes indicating participation in lower time frames.

With yesterday’s gains, MATIC bulls are now trading authoritatively above July 2021 highs supported by confident market participants and a solid crypto market.

Polygon is “Flying”

It is why traders across the board are confident of what lies ahead.

In Trading View, one trader expects MATIC bulls to add on their gains pushing the coin’s price to over $1.6 in the short term.

Polygon Rocketing

The analyst takes note of various technical formations in the 4HR chart to support his analysis. One, he observes that MATIC price correction in the last few months has been profound.

The trader says MATIC prices plunged by over 76 percent.

Despite the fall, prices bounced back, encouragingly breaking above a resistance trend line before consolidating. Typically, whenever prices range, traders can pull from their sleeves scalping trading strategies to quickly get in and out of the market, pocketing profits.

Preceding the upswing, the MATIC/USDT price squeeze seemed to have formed the anchor for buyers to reverse losses.

Technical Indicators aligned with Polygon Bulls

From the daily chart, one trader on Twitter remarks that Polygon is ready for lift-off.

There is a similarity of price action between those of May 2021.

Trading volumes are rising. At the same time, MATIC prices are now above crucial moving averages—5, 10, 50, and 100. Notably, when there are rapid price movements, moving average trading strategies can come in handy, aiding both sets of traders to identify entries and exits.

Trading volumes and moving averages, not forgetting to mention, are some of the best and widely used cryptocurrency indicators. As such, traders should watch how they react and benefit from the resulting tailwinds.

Little Resistance for MATIC Not to Reach $10 by December 2021

If past price action guides and Polygon continues to deliver, one trader on Trading View predicts MATIC to breach $10 in the next four months.

Polygon to $10

From the daily chart, the optimistic trader says everything aligns for Polygon bulls.

However, it is the project’s fundamentals that differentiate the project from competitors.

Aforementioned, Polygon offers scalability, interoperability, and low trading fees while also providing a bridge back to Ethereum. There are currently over 350 projects building on Polygon.

Charts courtesy of Trading View

Disclaimer: Opinions expressed are not investment advice. Do your research.

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Passionate about Blockchain, Crypto, Blockchain, and Bitcoin. Excited of what lies ahead. Advocating adoption. HODLer!

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