The crypto market collapsed as FUD hit investors hard. However, as soon as the US banks collapsed and the US government stepped in to bail them out, people saw the value of cryptocurrencies and how important it is to be your own bank. Cryptocurrency prices jump in the past 7 days by an average of more than 6%. MATIC specifically rebounded from the 1$ price mark making around 12%. Now that MATIC is on the move, will MATIC reach 2$? When will this happen? What are some short/medium term MATIC targets? Let’s analyze 😉
Is MATIC Coin good?
Before we jump into whether MATIC coin is a good crypto project, we need to understand what it basically is. MATIC is an ERC-20 token. This means that it was created on the Ethereum blockchain and is compatible with all Ethereum wallets and exchanges. However, with the launch of Polygon, MATIC has become a multi-chain asset and is now also available on the Polygon network.
Now why is MATIC and the Polygon ecosystem good? Well, Polygon provides faster and cheaper transactions compared to the Ethereum network, making it an attractive solution for decentralized applications (dApps) and other blockchain-based projects. MATIC has gained popularity in the cryptocurrency market due to its utility and potential for growth as the adoption of Polygon continues to grow. Its current market stands at around $9.8 Billion, but has the potential to grow further.
MATIC Price Analysis: is MATIC price up?
Technically, when the crypto market crashed, MATIC prices followed and dropped from the high of $1.5 and reached 1$. This was caused due to several factors:
Profit-taking, where traders who purchased at lower prices tend to cash out at resistance areas
The US banking crash which caused panic in the crypto market
However, when MATIC reached the psychological price of 1$ (which also acts as a strong support), MATIC prices retraced higher and reached the price of $1.20. From there, we are currently witnessing a retracement as part of yet another profit-taking scheme.
Fig.1 MATIC/USD 1-day chart showing the price action of MATIC – GoCharting
MATIC Price Prediction: Will MATIC reach 2$ next?
It is obvious that the next higher targets for MATIC are as follows:
However, in order for MATIC price to continue on an uptrend, the entire crypto market should also show signs of a recovery. Not everyone is still convinced that Bitcoin is retracing higher and starting a new uptrend. As an example, ProfitBlue is a Twitter user who still believes that Bitcoin will crash to $10,000. If this really happens, MATIC won’t be able to achieve the above targets.
This article has been originally published at: https://cryptoticker.io/en/matic-price-prediction-as-us-banks-collapse-will-matic-reach-2/