The smart contract platform Polygon (MATIC), which emerged to improve the Ethereum network, started the day with a rise of about 7 percent.
Offering cheaper and faster Ethereum transactions, MATIC has gained about 10 percent in the last two days. The coin, which emerged to improve the disruptions in the Ethereum network, was also among the popular ones of the last bull market.
Why is MATIC Rising?
The cryptocurrency MATIC, which represents the Polygon network, has become the focus of bulls. It has challenged the crypto market, especially with an increase of about 10 percent in the last two days.
The company announced its community events in its social media posts. Community interaction will take place with an event cited as the biggest Ethereum festival of the year.
The rise in social metrics, the increase in user feedback and transaction activity on the network are among the reasons that triggered the rise. Especially breaking the downtrend in the crypto market has come to the fore as the main source of the rise it has experienced in the last two days.
MATIC Chart Analysis, Will the Uptrend Continue?
MATIC, which emerged to improve and develop the Ethereum network in its own words, has come to a different dimension with the intense interest it has received. The coin, especially loved by strong whale wallets, has managed to become one of the top 15 cryptocurrencies in a short time.
The popular coin has moved far away from its high of around $2.93, influenced by the bear market that has been going on for months. This strong drop was cited as a bear market effect rather than Polygon related.
The MATIC price has lost more than 85 percent since December. Quickly recovering, the company managed to end the decline with improvements and community activities. It quickly got rid of the lowest point of $ 0.4, allowing the bulls to be included in the project.
The coin is currently consolidating after a long-term bullish move. It continues to move between about $ 1 to $ 0.7 levels.
MATIC ChartMATIC has to break the $0.86 resistance first to reach the $1 levels again. If this level is successfully surpassed, it may soon approach the $1 resistance. The appetite of the bulls and the increase in social activity day by day can keep the price above 1 dollar.
However, MATIC may want to test the $0.7 support if it fails to handle the selling pressure and the market remains bearish. If this support level is broken, the first stop could be at $0.54.
Although the popular coin is on the rise, it is worth noting that the crypto market is still bearish.
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