MATIC has moved between USD 0.75 and USD 0.87, while the RSI indicates a possible move to the upside. The trading of MATIC on Robinhood has occurred for quite some time for the Ethereum network.
MATIC, the native token of the Polygon network, has been among the best performing over the last few weeks. However, its current price represents less than 30% of its all-time high of USD 3.
After reaching that all-time high on December 27th, 2021, MATIC reached its yearly low of USD 0.31 on June 18th. Despite difficulties due to the defense by the bears, its price rebounded toward USD 1.06 in August. That is now a crucial resistance level to recover the bullish trend.
The price of MATIC has moved between USD 0.75 and USD 0.87, a linear trend, over the last few days. While the 20-, 50- and 100-day EMAs show a flat move, the RSI indicates a possible move to the upside.
If the bulls recovered the USD 1.06 zone, USD 1.19 would be the next resistance to overcome. When they exceed that level, the next one would be at USD 1.40.
On the contrary, a drop below the 20-day EMA in the MATIC price might take it back to USD 0.75. If it broke through that support level, the following one would be at USD 0.85.
The Price of MATIC Remains Stable despite High Selling Pressure
Over the last week, other cryptocurrencies have been under high selling pressure, while the price of MATIC has remained stable. Recent good news on the Polygon network might have increased the strength of its native token.
Stock trading platform Robinhood announced it would list Polygon after OpenSea said it would do the same. The trading of MATIC on the former has occurred for quite some time for the Ethereum network.
Polygon has also gone from being a simple layer-2 solution to projecting itself as the Internet of blockchains.
The Ethereum 2.0 Upgrade Will Not Kill the Polygon Network
Long-term MATIC investors must remember that Ethereum is one of the driving forces behind Polygon. The latter has provided Ethereum with scalability solutions at low fees and slow speed, but ETH 2.0 is more scalable and faster. Therefore, it is valid to ask whether the end of Polygon will come with Ethereum 2.0.
The Polygon network is more than just a layer-2 solution for Ethereum and provides scalability solutions for other blockchains. In addition, this network will still need Polygon despite the ETH 2.0 upgrade in September.
Since Ethereum is the primary promoter of Polygon, it is necessary to see the effects of a reduction in its use. Besides, the latter has worked on other scaling solutions, promoting itself and finding new use cases.
MATIC is trading at around USD 0.879431 and has accumulated a 0.7% gain over the last 24 hours. While its daily trading volume is above USD 237.21 million, its market capitalization is about USD 6.54 billion, according to CoinGecko.
By Alexander Salazar
