Polygon (MATIC) price prediction for August 2022

By:
on Jul 29, 2022
  • Polygon (MATIC) has been advancing last several weeks
  • The resistance level stands at $1
  • Polygon solves pain points associated with blockchains

Polygon MATIC/USD has advanced from $0.45 to $0.99 since the beginning of July 2022, and the current price stands at $0.93

Polygon solves pain points associated with blockchains

Polygon is a platform for Ethereum scaling and infrastructure development that aims to improve the speed and reduce the cost and complexities of transactions on blockchain networks.

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The current blockchain ecosystem is not prepared to scale to match the demands of end-user applications with mass adoption; transactions are usually very slow and have very limited throughput.

Many blockchain protocols have a limit on the block size, and it takes a certain amount of time to generate a block, while the user experience of DApps is very poor and in no way conducive for average users.

Smart contract platforms usually compromise on decentralization to improve transaction speeds, which is not the case with Polygon. Ethereum blockchain has limitations like low throughput, while Polygon combines the best of Ethereum into a full-fledged multi-chain system.

Polygon solves pain points associated with blockchains, and it has a mission to improve the accessibility of the decentralized finance (DeFi) space to more users.

Scalability, sovereignty, security, and ETH compatibility are the main characteristic of Polygon, and it is important to say that Polygon was built to be able to easily add more side chains horizontally to increase the total number of transactions on the network while using the same decentralized PoS layer.

MATIC is the native cryptocurrency of the Polygon network and is used to pay transaction fees on the network. MATIC is an ERC-20 token, and by owning and staking MATIC, users can also vote on Polygon upgrades, with each vote being proportional to the amount of MATIC cryptocurrency they stake.

MATIC’s price has skyrocketed in the last two months of 2021, and it reached a record high above $3 on 27th December. MATIC is currently down more than 60% from its record level, but the current price represents a good entry point for investors who are more prone to risk.

The resistance level stands at $1

The cryptocurrency market has been advancing last several days, Bitcoin has stabilized above $23000, and this situation also positively influences the price of MATIC.

Data source: tradingview.com

The important resistance level for MATIC stands at $1, and if the price jumps above this level, it would be a “buy” signal, and we have the open way to $1.20.

The current support level stands at $0.80, and if the price falls below it, the next price target could be at $0.70.

Summary

Polygon is a platform that combines the best of Ethereum and sovereign blockchains into a full-fledged multi-chain system with a mission to improve the accessibility of the decentralized finance (DeFi) space to more users. Polygon (MATIC) has been advancing last several weeks, and if the price jumps above the important resistance that stands at $1, the next price target could be at $1.20.

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*Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.