NEAR Protocol
Bitcoin
Puffer
Hyperliquid
ZKsync
Pudgy Penguins
Pearl
- The Co-founder of Polygon Network shares a tweet that raised the MATIC coin price.
- The Gas Fees on MATIC remained under 10 cents.
- Bullish investors are weakened after a bearish rejection at $0.9205.
Polygon is a set of protocols that aim to resolve Ethereum‘s scalability problems. By processing transactions on a separate Ethereum-compatible blockchain. Polygon effectively addresses the challenges of the network.
Once the transactions are processed, Polygon returns them to the main Ethereum blockchain. This method reduces Ethereum’s network load, allowing Polygon to expedite transactions and lower the transaction costs to less than a cent.
Essentially, Polygon, formerly Matic network, offers a convenient framework for current and new blockchain projects to build on Ethereum without worrying about scalability issues. Users can interact with any decentralized application (dApp) effortlessly through Polygon without worrying about network congestion.
Why Did the MATIC Coin Started Rising?
The co-founder of Polygon, Sandeep Narwal, recently shared on X that the blockchain has recorded more than 161 million inscriptions. Per the shared stats, BNB holds the second spot with 77 million notes, while Avalanche follows with 60 million.
These inscriptions are similar to Ordinals on Bitcoin and work as data embeds, like smart-contract-based ERC20 tokens and NFTs.
Nailwal also highlighted that gas fees on Polygon remained under 10 cents. In contrast, its competitors, especially Avalanche, charged fees as high as $400. He even compared the gas fee uptick during peak activity to a horror story. Avalanche’s gas fees remain high, with 68.5% spent on inscriptions in the past 24 hours.
Jordi Baylina, co-founder of Polygon, revealed plans for “Polygon 2.0” in a Cointelegraph interview, including integration of Ethereum layer-2 scaling networks and a cross-chain coordination protocol by 2024.
The plan is to unify Polygon’s ecosystem, which consists of diverse networks with tokens, sequencers, and data availability solutions. They will use ZK-proof technology to create a “continuous, unbounded blockspace.”
Technical Analysis and Prediction of the MATIC Coin Price
Following Baylina’s statements, the price of Polygon’s native token, MATIC, increased by 9.8%, from $0.815 to $0.895 at the start of December. The MATIC coin price is trading in a downtrend after being rejected from the immediate resistance level of $0.9205.
The 50-day EMA is at $0.785 after making a bullish crossover with the 150-day EMA which is at $0.727. The prediction as per the current price action could be bullish if the bulls regain the current support level.
Conclusion
Polygon is a protocol that aims to resolve Ethereum’s scalability issues. Its co-founder, Sandeep Narwal, recently shared that the blockchain has recorded over 161 million transactions. Following this news, the price of Polygon’s native token, MATIC, increased by 9.8% in early December.
Technical Levels
- Support Levels: $0.7611 and $0.6133.
- Resistance Levels: $0.920 and $1.03.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.
