The Ethereum transition to PoS will not influence the Polygon ecosystem, making MATIC one of the lowest-risk assets. The analyst believes that the range between USD 0.65 and USD 0.66 signals that the cryptocurrency will see a significant influx.
The behavior of the crypto market in the last few months has prompted traders to remain vigilant. Those who have already invested feel stressed, while volatility confuses those who make plans.
However, the overall capitalization of the crypto market has increased by around 1.74% to USD 1.03 trillion over the last 24 hours. The value of Bitcoin (BTC) and many other leading cryptocurrencies shows a slightly green signal.
An InvestAnswers analyst has focused on the Polygon (MATIC) blockchain scaling solution. He seeks to report that MATIC is among the most balanced bullish cryptocurrencies, although it may not stand a chance.
MATIC Is One of the Lowest-Risk Crypto Assets
According to the expert, Polygon occupies 3rd place in the ranking of smart contract platforms after Ethereum and Solana. He claims that MATIC is one of the lowest-risk crypto assets with a high adoption level.
The analyst points out that the Ethereum transition to PoS will not influence the Polygon ecosystem, which has zero accumulation functionality.
MATIC is trading at around USD 0.81 and has accumulated a 2.68% gain over the last 24 hours. While its daily trading volume is above USD 375.77 million, its market capitalization is about USD 6.01 billion, according to CoinGecko.
The price of MATIC is still around 70% below its all-time high of USD 2.92 in December.
Despite not being a financial advisor, the analyst states that USD 0.60 maintains a strong support level for Polygon. Furthermore, he believes that the range between USD 0.65 and USD 0.66 indicates that there will be a significant influx.
Meanwhile, Michael van de Poppe Thinks BTC Could Drop to USD 19,000
Bitcoin is trading at around USD 21,223 and has accumulated a 0.7% loss over the last 24 hours. While its daily trading volume is above USD 29.45 billion, its market capitalization is about USD 406.00 billion, according to CoinGecko.
Cryptocurrency trader and analyst Michael van de Poppe compares the current bearish market to 2018. He says he looks at data from the TOTAL chart, which tracks the market capitalization of all crypto assets.
The expert expects the TOTAL chart to review the 200-week moving average (MA). He noted that the same thing happened during the crypto rally of the winter of 2018.
In that sense, he explains that there has been rejection and a retest while a bullish run might follow a higher low.
Van de Poppe claims that the pioneering cryptocurrency is still in the sideways accumulation phase. However, he warns that its price may still drop to around USD 19,000. The expert predicts that there will be a bullish run after a short correction.
By Alexander Salazar
