MATIC Price Prediction: Will Latest Developments Push Polygon To New Highs

Polygon (MATIC) provides developers with the right tools to optimize speed and reduce the cost of transactions across blockchains. The network’s focus is the Ethereum network.

Polygon has enjoyed a surge in price since 2023. However, the crypto market slowed the price down from its initial surge in the past few days. So what’s next for the crypto, and will it still rally following its developments? 

MATIC Price Prediction

MATIC is currently trading at $1.09, a decrease of 2.81% in 24 hours. The candlestick on the daily chart shows bearish pressure in the market. The asset is trading above its 50-day Simple Moving Average and 200-day SMA, giving a short-term and long-term indication of the price. The support levels are $0.944414, $1.008853, and $1.047198, and the resistance levels are $1.149981, $1.214420, and $1.252764.

Despite the price, MATIC will rally again in the coming days, as the 50-day SMA has remained above the 200-day SMA after the golden cross was formed. A golden cross is a bullish signal, and the asset will likely repeat its history to reclaim its higher highs of $1.18 recorded on January 29. However, if the bears prevail, a decline to the $0.9936 level of January 25 is possible.

The RSI is close to the buy zone at 60.10 but still shows bearish sentiments with its downward trajectory. The MACD is bullish at the moment and above its signal line but might also retrace if the bears exert enough pressure. MATIC’s price will recover from the pullback and surpass $1.149981 in the coming weeks.

Polygon Network’s Developmental Strides

Matic Network Enables Staking Feature

Polygon network announced in January that staking of MATIC tokens was available on the network. First, users can stake their MATIC with Stader to receive MaticX. The process will give a 6% staking yield. Next, deposit MaticX on Aave as collateral to borrow up to 40% of the LTV in stables. Users will pay a 2% interest rate charge for the loan. Next, the users will locate a high-yield stablecoin pool hosted on the Polygon network. 

Yield optimizers are used to compound the gains from the liquidity pool. Alternatively, the tokens can be locked in the $DAI vault on @Gains Network.io to get higher returns on your stablecoins up to 6.9%. This process will give users a total yield of 8.5% with zero impermanent loss exposure.

Polygon Launches Self-Custody Wallet

Polygon network is making moves in the decentralized finance space. First, the network launched the Giddy DeFi wallet equipped with staking protocols. The wallet is receiving positive reviews from users on Twitter.

I am excited about what @giddydefi has to offer on polygon chain. Their tech is innovative and has potential to bring millions of new faces to the DeFi space

— Art Vandelay 𐚁 (@527Vandy) January 30, 2023

Polygon (MATIC) Partners With Impact For Web3 Innovations

Polygon network has partnered with ImpactPlus to provide Web3 innovations for the crypto community. The aim is to provide residents with access to technology and resources as part of social impact goals. 

In line with this new trend, the first Polygon TechHouse opened in the favela community in Rio de Janeiro, Brazil. The new facility aims at providing users with an enabling environment for education, governance, and expression.

Our first Polygon TechHouse opened in the favela community of Complexo do Chapadao in Rio de Janeiro, Brazil.

The facility will offer a safe environment for training, workshops, & community networking, bringing equal opportunities for education, governance & expression. pic.twitter.com/3TDMgxpWof

— Polygon | Aggregated (@0xPolygon) January 27, 2023

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