Polygon [MATIC] was seen inching close to its previous all-time high [ATH] at $2.43 around mid-day on 7th December 2021. It started off with an explosive week, rising by almost 37%, as the native token outperformed several top-ranking cryptocurrencies in the weekly index. As the crypto market began recovering from last Saturday’s brutal crash, MATIC bounced back significantly, rising by more than 48% in a span of just 72 hours. This, in turn, fuelled hope for a rally in the coin’s price movement.
Amidst increasing volatility in the broader market, the MATIC token has managed to maintain a steady uptrend especially after the digital asset product issuer, 21Shares announced the listing of a product based on the performance of the cryptocurrency on Euronext exchanges across Paris and Amsterdam. The above developments seemed to have aided in the coin’s price action.
At the time of writing, the asset’s value is changing hands at $2.3, with an intraday trading volume of $5.14 billion. MATIC climbed by an impressive 32% in the last 24 hours. The 15th ranked token has a current market cap of a whopping $16.40 billion.
Polygon [MATIC] – A brief technical analysis
As indicated from the above daily chart, the Parabolic SAR indicator was cushioning the price candles from a further market downturn. In a similar manner, the MACD indicator was also signaling a bullish movement in MATIC’s price. In terms of trading activity, the Relative Strength Index [RSI] indicator was climbing above the half-line depicting the domination of the buyers in the market. In brief, the asset is poised for upward price momentum.
Coming to its on-chain activity, as per a report by blockchain development platform Alchemy, more than 3,000 apps are currently deployed on the Polygon ecosystem. Earlier in July this year, the layer two protocol had launched a $100 million fund for projects aimed at incorporating blockchain technology into the gaming sector. Alexandre Lores, an analyst at Quantum Economics said,
“This made Polygon a step ahead of the rest of crypto in gaming.”