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Polygon Price Jumps 12.4% to $1.68 – Where to Buy MATIC

Polygon MATIC
Polygon MATIC

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The demand for decentralized finance (DeFi) services has reached a peak this year. While Ethereum is battling high gas fees and slow transactions, other more scalable networks have sprouted to give DeFi developers the scalability they desire. Polygon is a scalable DeFi network that also doubles as one of Ethereum’s greatest competitors.

Polygon’s native token, MATIC, is trading at $1.68 at the time of writing after a 12.4% gain in 24 hours.

MATIC Price Analysis

MATIC Price Analysis Aug 21
Source: Tradingview

MATIC has been through significant ups and downs since the market started recovering in late July. The uptrend is attributed to overall market support, while the downtrend is attributed to a lack of buyer support. However, MATIC is still showing strong signs of resilience.

Market support is currently in favour of MATIC’s prices. Hence, if the market bulls continue, we could see MATIC heading towards the next critical support of $1.72. Buyers need to step in at this point to push the bulls further towards $1.75. A rally towards $2 is still possible if the current market and buying support holds.

Going by the recent MATIC price movements, there is still a chance that a downtrend could happen. In this case, we will see MATIC retest the lower support of $1.62. If it manages to stay above this level, the bulls will still be at play. However, going below $1.60 could trigger selloffs and trigger a downtrend.

Polygon’s network activity also remains high and can also be attributed to the recent gains. The Polygon team has revealed plans to build a decentralized autonomous organization (DAO) for the DeFi sector. The objective behind launching the DAO is to attract 100 million users to the platform who will be involved in Polygon’s DeFi development.

Polygon also recently acquired Hermez, a layer two blockchain platform, in the first crypto token merger in history. Polygon will spend $250 million to purchase all HEZ tokens, while HEZ holders can change their HEZ tokens with MATIC. The Polygon Hermez merger will lead to a more scalable solution with low latency and low fees.

Where to Buy Polygon

If you want to purchase MAIC tokens, you can create a cryptocurrency exchange account on eToro. eToro is a renowned social copy trading platform that allows new traders to copy the strategies of seasoned traders, hence increasing their chances of making profits. eToro also charges low trading fees and commissions.

Looking to buy or trade Polygon (MATIC) now? Invest at eToro!

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