It seems that the crypto market is getting back on its feet. The year 2023 started on a great note for cryptos, as prices on average are up by 10% in the past 2 weeks. MATIC specifically outperformed most cryptos within that same timeframe, gaining more than 15%. How high can MATIC price go? Will we see MATIC 1$? Let’s analyze 😉
What is Polygon MATIC?
Polygon is a fast and scalable blockchain platform built on top of the Ethereum blockchain. It originally started as the Matic Network and has evolved over time into a fully independent blockchain. The currency is particularly important because it represents the solution to one of the biggest problems facing the Ethereum blockchain: scalability.
How does Polygon work?
Polygon uses a network of so-called “Polygon Validators” that ensure that transactions in the blockchain are processed correctly. This allows many transactions to be processed simultaneously, increasing the speed and efficiency of the blockchain. For this, the cryptocurrency uses a system of security and delegation mechanisms to ensure that the network remains stable and secure.
Why is MATIC UP?
The entire crypto market started the year on a green note. After an extended consolidation in the past weeks, prices increased in a “buyer momentum”. MATIC prices naturally followed the crypto market’s direction. Its price specifically reached 90 cents.
In fact, MATIC has been stuck in a sideway trend between 75 cent and 1$. In figure 1 below, we can clearly see how predictable the price action of MATIC has been over the last months…a day trader’s paradise!
MATIC Prediction: Will MATIC reach 1$ soon?
It is obvious that MATIC can achieve a price of 1$ given the current momentum in the crypto market. The only way MATIC does not reach 1$ is if the crypto market in general crashed because of a fundamental reason. There are currently talks that the FTX funds that were found might cause the crypto market to crash. The reason is because all the tokens will get listed in exchanges at the same time for liquidation purposes.
However, this would only cause a short-term drop in prices.
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