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Polygon prices remain wavy at spot rates but are encouragingly higher, bouncing off last week’s lows.
After the dump of mid-last week, the reversal at the tail end was refreshing for overly apprehensive traders and MATIC investors.
When writing, MATIC is up roughly 20 percent from last week’s lows at $1.24 and could retest, even break above the main resistance trend line as MATICUSDT price resume the primary trend of H2 2021.
Technically, MATIC prices are within a bear flag, finding support around $1.35. Notably, the resurgence of bulls of end last week is with rising trading volumes suggesting strength.
Polygon and Blockchain Games
On a fundamental angle, Polygon is proving a choice network for deploying projects while also tapping on Ethereum’s advantages.
Polygon is EVM compatible, highly scalable, and has relatively lower trading fees, presenting an edge over competing networks. These attractive attributes distinguish Polygon, allowing blockchain game developers to launch on its rails.
Minecraft, a project launched independent of Microsoft, is launching from Polygon. The game has a broad user base of over 141 million monthly active users, up from around 120 million in 2020.
The NFT World’s blockchain layer on Minecraft allows players to access blockchain features, evening purchasing in-game assets using WRLD. This improvement is possible because part of Minecraft’s game is open source, and developers can make enhancements. NFT World is taking advantage of this allowance to give gamers a metaverse experience from existing games.
Polygon Price Analysis
MATIC prices are boxed in a downtrend, finding support from around $1.35 at writing. MATIC is up 20 percent from last week’s lows but stable in the previous trading day at the time of writing.
Notably, MATICUSDT is within the February 25 bull bar. Based on this formation, aggressive traders may find loading opportunities on pullbacks above $1.35 while targeting $1.85 and $2.05—February 2022 highs in the short term.
A spring from spot rates will affirm buying pressure from February 24, forming a W-formation in a resumption of the overall buying pressure from June 2021.
Thus far, MATIC has support from around the 61.8 percent Fibonacci retracement level of the H2 2021 trade range—a critical support zone. Unexpected dumps below $1.35 may see MATIC prices fall to $1—September 2021 lows.
Technical charts courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
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