MATIC Price shows strength despite crypto market bearishness

MATIC has been standing its ground for the past few days despite the crypto bearish cycle. The MATIC price shows strength due to a recent development in the ecosystem.

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Jay Crypto

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Last updated Sep 2, 2022 at 3:03 PM

Posted Sep 2, 2022 at 1:00 PM

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The native asset of the Polygon network is showing strength by standing its ground despite market speculations. Why is MATIC showing positive signs, and where can it head next in the coming few days? 

MATIC Price: Current Market Scenario 

MATIC is looking good, with its price exchanging hands around $0.85 with more than 3% gains in the last 24 hours. According to data fromCoinMarketCap, the asset is holding its 12th market rank with almost 5% over the previous week. The interesting thing to notice is that Bitcoin has lost more than 8% in the same period. However, Polygon has lost more than 70% while the ROI of the asset remains more than 18000%, which shows the success of the network over time. 

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Source: CoinMarketCap 

If things remain good for MATIC as they have been for quite a while, we might see it rally to a $1 price very soon. Everyone is curious how MATIC was able to nullify the market crash pressure and stand its ground. 

Let’s look at the fundamentals of the asset to see what enabled the Polygon to stand its ground.

What’s Going in the Polygon Ecosystem? 

The stock and cryptocurrency trading platform Robinhood now supports MATIC token deposits and withdrawals on the Polygon blockchain. Thanks to the Layer-2 blockchain, systemsers will be able to benefit from quicker transactions and reduced fees than Ethereum offers. Additionally, consumers can now transfer MATIC on the Robinhood platform without having to pay bridging costs. 

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Source: Polygon Official Blog 

The MATIC may rise to $1 as a result of the Polygon support since traders will profit from the development. An app for commission-free trading according to a formal notificationmade on September 1st, Robinhood has begun offering deposits and withdrawals for MATIC on the Polygon blockchain. Additionally, customers are not charged bridging costs on Robinhood while sending MATIC tokens via the Polygon network. 

Head of DeFi at Polygon, Hamzah Khan, stated: 

“We’re delighted Robinhood has introduced on-chain support for MATIC deposits and withdrawals, further enhancing their impressive suite of integrated services, enabling access to the Coinbase wallet and Metamask.” 

Now, Robinhood customers can use MATIC tokens to carry out a variety of actions on the Polygon PoS chain, including lending, borrowing, providing liquidity, and trading. Users can explore a variety of application scenarios with the help of Polygon's more than 37,000 dApps, including AAVE, Uniswap, and Balancer. 

Midway through April, Robinhood includedthe MATIC token from Polygon with other tokens like Compound (COMP), Shiba Inu (SHIB), and Solana (SOL). Users were able to avoid costs and lengthy

confirmation processes as a result. Ethereum scaling solution Layer-2 Low gas prices and increased throughput are made possible by Polygon without sacrificing security. 

These were the activities that were keeping MATIC strong. One other development also came about in the last couple of days: the largest NFT marketplace also announcedsupport for the Polygon (MATIC) using the Seaport protocol. 

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Source: OpenSea Blog 

The protocol, which was created on the Ethereum network and made public in June 2022, is a web3 marketplace protocol for purchasing and selling NFTs in a secure and time-effective manner. 

These two major listings have provided confidence to MATIC, and the asset remains bullish despite the bearish trend. Let’s look at the technical analysis and try to predict where it can go next. 

What’s next for Polygon? 

While other cryptocurrencies continue to lag amid increasing selling pressure, Polygon's MATIC is demonstrating strength. The MATIC price is now trading around $0.85. From the support at $0.75, the price increased by more than 3% in the last day and by 10% in the past week.

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Source: TradingView 

If it rises above the $0.85 barrier level, the MATIC price may test $1 again. However, given that the price is now fluctuating between $0.75 and $0.83, traders might have to wait a little longer. Support from Robinhood for MATIC on Polygon is positive for the price. 

Conclusion 

Polygon ecosystem’s progress is quite good, and if things remain good for the best, we might see a rally to $1 soon. Not financial advice! Do your own research (DYOR).

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