Polygon Price Down Again As Price Goes From Bad to Worse. Is This All-in-One Web3 Project A Better Alternative?

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Polygon’s price has fallen, adding to its downward trend. All-in-one Web3 is still regarded as a potential alternative despite this setback. Investors and users closely watch Polygon’s current problems.

Polygon (MATIC) has seen its price shift in the last week. Since last week, it’s increased by around 10% to $0.6704. However, MATIC has lost -4% in the last 24 hours. Overall, this downward movement indicates a slight bearish sentiment.

Matic Stats:

Today’s price – is $0.6704
Market cap – $6.247 Billion
Circulating supply – 9,319,469,069 MATIC
Total supply – 10,000,000,000 MATIC
Matic Coinmarketcap ranking – 12

Polygon Price Down Again As Price Goes From Bad to Worse. Is This All-in-One Web3 Project A Better Alternative? — Source: Coinmarketcap

Polygon (MATIC) Price Analysis

An impressive buying spree began from the support level of $0.34, surpassing the weekly 20 EMA (blue). The price action of MATIC was unique during this period because it formed an ascending channel.

Despite experiencing a breakdown pattern, the immediate support levels have helped contain the selling pressure. Over the past few weeks, the 20 EMA and $0.7735 support have helped trigger a rebound.

A retest of the $1.09 level may be subsequent for buyers. However, MATIC must surpass $1.09 to strengthen buyers’ confidence. A decisive breakout above this level could push the altcoin to $1.374-$1.732 in the coming weeks or months. Now might be the best time to buy some maker tokens before it enters a full-swing rally.

Breaking through the nearby barrier could be a sign to enter the market, making the outlook for the rest of the year look promising.

In recent months, the Relative Strength Index (RSI) has encountered resistance at the midline, but has shown increasing buying pressure.

Polygon (MATIC): Fast Transactions and Low Fees for Ethereum

The Polygon (MATIC) is a “layer 2” scaling solution for Ethereum. Fast transactions and low fees make it easier for developers to build large-scale projects without worrying about gas fees.

The Ethereum blockchain isn’t practical for smaller transactions. Polygon enhances flexibility and scalability while keeping Ethereum’s benefits. Users stake MATIC tokens to join the network using Proof-of-Stake (PoS). Polygon has already achieved Network Carbon Neutrality and has set sustainability goals.

MATIC in the Polygon Ecosystem: Token Utility and Price Analysis

Polygon uses MATIC as a token for multiple reasons. Besides paying transaction fees, it’s used for governance and staking the network. A lot of dApps in the Polygon ecosystem use MATIC as a currency.

MATIC dropped to a low of $0.316 on June 18, 2022, during the bear market. However, the price rebounded after hitting $0.34, leading to gains and reclaiming $0.7735. It’s still unclear whether this rally will sustain MATIC’s upward trajectory.

Look at the new updates within the MATIC ecosystem to gain more insight into MATIC’s sentiment.

Polygon: Thriving Ecosystem and Growing Adoption

Over 37,000 decentralized apps (dApps) have been built on Polygon’s network. Since March, things have doubled, and since the beginning of the year, they’ve grown fourfold. dApps are expected to drive up Daily Active Users and Total Value Locked on the platform.

Polygon USDC and Tether’s stablecoin USDT have expanded the utility of these cryptocurrencies across thousands of dApps on the network. Partnerships and NFTs on platforms like Instagram and Reddit have further boosted Polygon’s popularity and trust.

Sales volume for Polygon reached $1.97 billion in August, driven by NFT drops. Ethereum dApps can now operate faster and cheaper thanks to zkEVM, a second-layer scalability protocol on top of Ethereum. ZkEVM allows seamless migration between Ethereum’s layer 1 and 2 networks without modifying code.

Basically, Polygon’s growing ecosystem, partnerships, and technological advancements make it a thriving blockchain platform.

Polygon’s MATIC: Green and Promising Future for Ethereum

In the lead-up to Ethereum’s move to Proof-of-Stake, Polygon’s MATIC scaling solutions are poised to become more eco-friendly. Even if Ethereum’s processing speed and transaction costs don’t improve much, Polygon’s utility should keep growing.

This could increase user activity and attract more institutions. It’s possible that MATIC could surpass the $1 barrier in the upcoming sessions based on these updates.

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