Polygon’s MATIC price is attempting a recovery wave above the $0.86 resistance against the US dollar. The price is trading above the $0.86 level and the 100 simple moving average (4 hours), with a break above a key bearish trend line with resistance near $0.880 on the 4-hour chart of the MATIC/USD pair. The pair could continue to rise if it clears the $0.90 resistance zone, with the next major resistance near $0.95 or the 61.8% Fib retracement level. However, failure to rise above the $0.90 resistance level could lead to a fresh decline with support near the $0.88 and $0.865 levels.
This article originally appeared on www.newsbtc.com
Polygon, a Layer 2 scaling solution for Ethereum, is aiming to reach a recovery target of $1.
After the recent market crash that saw the entire cryptocurrency market lose billions of dollars in value, Polygon (MATIC) also faced a heavy blow. The cryptocurrency saw a massive drop in value as the market tumbled, but it appears that Polygon is determined to bounce back.
Polygon was created to solve the scaling challenges that Ethereum has been experiencing, as its popularity surged in recent months. With Ethereum transactions becoming more expensive and slower, Polygon provided a solution that allowed for faster and cheaper transactions.
The demand for Polygon increased significantly in recent months, and this led to the cryptocurrency’s price surging to an all-time high of $2.6 in mid-May. However, the entire market crashed shortly after, and Polygon saw a significant drop in price.
Despite the setback, Polygon remains optimistic about its future. In a recent tweet, the Polygon team stated their goal of reaching $1 per token, saying, “We are determined to achieve this goal, and we believe in the potential of the Polygon project and our community of supporters.”
To achieve this target, Polygon is working on several initiatives that will boost its adoption and value. These include partnering with more projects to build on its platform, launching new features and products to improve its capabilities, and expanding its user base.
Polygon’s efforts are already yielding results, as the cryptocurrency has seen a steady increase in price over the past few days. At the time of writing, Polygon is trading at around $0.71, up from its recent low of $0.5.
In conclusion, Polygon is determined to reach its recovery target of $1, and the cryptocurrency has several initiatives in place to achieve this. With the market slowly recovering and Polygon’s growing popularity, it is possible that the cryptocurrency could soon reach its desired price point.