The Polygon (L2 Ethereum) has benefited greatly from Ethereum’s high gas charge and will continue to do so in the future. Last month, Polygon’s MATIC was one among the top performers in December 2021, reaching an all-time high of $2.84. Since then, MATIC has fallen by more than 30% and is now trading slightly around $2.0. Polygon is rapidly expanding because of the implementation of cutting-edge technologies such as zk-Rollups. According to the most recent report, the 0xPolygon bridges received $500 million in inflows during the final week of December.
In the final week of December 2021, approximately 2 million smart contracts were implemented on Polygon, compared to only 105k on Ethereum. This demonstrates that Polygon is quickly becoming the favourite network for blockchain aficionados. It would not be surprising if MATIC reaches $10 and joins the top ten crypto-list this year or in the next months.
Key Takeaways (MATICUSD)
- Polygon, a layer-two solution based on Ethereum and known for its quick processing speeds and cheap rates, has been knocked off balance by Sunflower Farmers, an agriculture game established on the network.
- Users flocked to social media to complain about many failed purchases and poor transaction processing. While networks such as Solana and Ethereum have had similar challenges due to a complicated DeFi project and an NFT drop respectively, many have been astonished that the reason for this difficulty is a simple game in which players compete to obtain resources.
- Polygon co-founder Nailwal stated, “I feel that the thought “Solana has more traction than @0xPolygon” is more common amongst newer Web3 entrants as they are influenced by awesome US institutional marketing.”
Price Analysis of MATICUSD
Fear & Greed Index: 23, Fear
All-time High: $2.92
7d change: -16.31%
Market Cap: $15,010,809,759
Circulation Supply: 7,162,892,403 MATIC
Total Supply: 10,000,000,000 MATIC
Daily Chart Breakdown of MATICUSD
As we predicted the price movement towards $2.0 in the previous post, the MATIC market had a false break above the rising channel and then fell aggressively towards $2.0. This is a very important psychological level for MATIC. We have a bullish divergence with the confluence of $2.0 support and the rising channel support. The bullish divergence could push the market back towards $2.52. On the other hand, a break below $2.0 will push the market towards $1.50.
4h Chart Breakdown of MATICUSD
A break and close below $1.90 will push the market towards $1.75. On the other hand, if the bulls can overcome the sellers at this point. We could see a strong rally towards $2.40.
1 Hour Chart Breakdown of MATICUSD
The market is following a falling trendline. A break above $2.17 will push the market towards $2.35. However, at this time the market sentiment seems bearish on a 1h timeframe.
Polygon is a great option for smart contracts users. The influence of WEB 3.0 and the Metaverse looks promising for blockchain technology. But will Polygon be able to grow because of this development? 2022 will tell.
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