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Polygon Price Analysis – MATIC Surges To ATH Against BTC As Aave Integration Tops $1 Billion

Key highlights:

  • MATIC is up by a strong 40% today as the cryptocurrency breaks above $0.513.
  • The coin has started to surge significantly in recent months due to high-value platforms integrating its layer-2 scaling solution.
  • Against BTC, MATIC also produced a new ATH price as it breaks above the 1000 SAT level.

Buy Polygon on Binance

Polygon price $0.51
Key MATIC resistance levels $0.543, $0.55, $0.60, $0.612, $0.65
Key MATIC support levels $0.5, $0.46, $0.4, $0.372, $0.35

*Price at the time of writing

MATIC is starting to grow significantly after seeing another 40% price hike today, allowing the cryptocurrency to break above $0.5 again. The cryptocurrency is now up by an enormous 1,330% over the past three months.

MATIC is an Indian-based Ethereum Layer-2 scaling solution. Its main premise is to increase the scalability of Ethereum and reduce the workload for the main blockchain itself. The main reason to why MATIC has been surging recently is due to the fact that high-value platforms have started adopted their Layer-2 scaling solution.

For example, they already have integrations with projects such as Coinbase, Pooltogether, Sushiswap, Open Sea, Curve Finance, and Decentraland.

In late March, Aave made an announcement that they would be integrating MATIC into their decentralzied lending platform. Upon launching, AAVE allowed the native token MATIC to be used as collateral. In addition to this, they also allowed USDC, USDT, DAI, WETH, AAVE, and WBTC to be used.
Since this integration, the total value locked on Aave using the Polygon (MATIC) network is now worth over $1 billion. All within 10-days after launching:

MATIC is now ranked in the 51st position as it currently holds a $2.52 billion market cap value.

Polygon (MATIC) Coin Price Analysis

What has been going on?

Taking a look at the daily chart above we can see that MATIC started to surge at the beginning of February. By the start of March, MATIC had managed to reach as high as $0.2. It continued higher from there during March to set a new ATH price at around $0.543.

Unfortunately, MATIC was unable to close a daily candle above $0.45 during March as it started to head lower. By the end of the month, the coin had reached as low as $0.3.

In April, MATIC started the month by moving sideways but eventually pushed as high as $0.46 (1.414 Fib Extension) toward the middle of the month. From there, it dropped lower but managed to find support at $0.32 (.5 Fib Retracement). It rebounded from there last week as it started to push higher again.

The 40% price surge today allowed MATIC to rise from beneath $0.4 to break above the April highs at $0.46 and reach above $0.5. The coin is now trading at $0.51.

MATIC Coin price short term prediction: Bullish

MATIC remains strongly bullish right now. The coin would need to drop beneath the $0.267 (.618 Fib Retracement & 100-days EMA) to turn neutral. It would need to continue further beneath $0.2 (.786 Fib Retracement) to be in danger of turning bearish.

If the sellers do push MATIC beneath $0.5 again, the first level of support lies at $0.45. This is followed by support at $0.4, $0.372 (.382 Fib Retracement), the rising trend line at around $0.35, and $0.32 (.5 Fib Retracement).

If the bears continue to break the support at $0.3, additional support lies at $0.267 (.618 Fib Retracement & 100-days EMA), $0.25, and $0.2.

Where Is The Resistance Toward The Upside?

On the other side, the first resistance lies at $0.543 (ATH price). Above the ATH, resistance lies at $0.55, $0.6, $0.612 (1.272 Fib Extension), and $0.65 (1.414 Fib Extension). This is followed by $0.7 (1.618 Fib Extension), $0.756 (1.414 Fib Extension – blue), $0.8, and $0.862 (1.618 Fib Extension – blue).

What has been going on?

MATIC recently managed to set a new ATH price level today against Bitcoin after breaking above 1000 SAT. The cryptocurrency had started to surge from 400 SAT in March to reach as high as 937 SAT.

It started to head lower from there during the end of March until support was found at 600 SAT.  This support continued to hold during early April until last week when MATIC started to rise again. It had reached as high as 800 SAT over the weekend and continued higher above 1000 SAT today.

It has since dropped beneath 1000 SAT as it trades around 962 SAT, at the time of writing.

MATIC/BTC price short term prediction: Bullish

MATIC remains strongly bullish against Bitcoin. THe coin would need to drop beneath 700 SAT to turn neutral again and would have to continue much further beneath the support at 500 SAT (100-days EMA) to be in danger of turning bearish in the short term.

If the sellers push lower, the first level of support lies at 937 SAT (previous ATH). This is followed by 841 SAT (.382 Fib Retracement), 786 SAT (.5 Fib Retracement), 731 SAT (.618 Fib Retracement), and 700 SAT.

Where Is The Resistance Toward The Upside?

On the other side, resistance above 1000 SAT first lies at 1081 SAT (1.272 Fib Extension). This is followed by 1100 SAT, 1158 SAT (1.414 Fib Extension), 1200 SAT, and 1267 SAT (1.618 Fib Extension).

If the bulls continue beyond 1300 SAT, additional resistance is expected at 1320 SAT, 1350 SAT, and 1400 SAT.

Previous Technical Analysis

At CoinCodex, we regularly publish price analysis articles focused on the top cryptocurrencies. Here’s 3 of our most recent technical analysis articles:

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