MATIC has been in a sideways movement for a longer duration when compared to other Ethereum based cryptocurrencies. In simple words, Matic is a layer two scaling using proof of stake protocols and a customized version of the plasma framework.
Previously known as Matic network, it has now been rebranded as Polygon Matic. Currently, Matic or Polygon ranks 18th in terms of market capitalization, which is slightly above the VeChain market cap. At a market cap of USD 9.7 billion, Polygon has a circulating supply of 6.4 billion coins out of a total of 10 billion.
Coming down to the price momentum, we will be talking about technical charts and indicators to predict the future action on this cryptocurrency.
MATIC Price Analysis
After taking support from its 100 days moving average of $1.28, Matic has inched higher towards the resistance level of $1.70. Crossing this level will be instrumental for the current rally to last. Once Matic crosses $1.70, even the peak of $2.75 will look smaller against the rally.
Technical indicators are mostly in the neutral zones, even after more than 20% rallying in the last three days. RSI is currently at the 55 levels, and MACD is on its way to a bullish crossover.
Bollinger bands indicate a positive sentiment as MATIC trades closer to the upper band. It should ideally witness a rally any time towards $1.70 levels, where the real game lies. Based on our MATIC coin price prediction, there is a strong probability that it will break its immediate resistance.