The Polygon price has bounced back, as investors continue betting on the network. MATIC is trading at $1.50, which is 100% above its lowest level during the weekend. It is still about 85% below its all-time high. Its market cap has surged to more than $8.5 billion, making it the 17th biggest cryptocurrency in the world.
What happened: Polygon is a fast-growing blockchain project that was formerly known as Matic. The project helps developers build decentralized applications that are compatible with Ethereum’s network. In the past few months, hundreds of developers have started to develop on its platform.
At the same time, other existing projects like Aave and SushiSwap have started to migrate into the network where they are seeing strong results. During the weekend, the developers announced that CargoX Platform had selected Polygon for its development. CargoX is a blockchain project that helps companies build a trustless environment for firms in the logistics, manufacturing, and finance industries, among others. In a note, Sandeep Nailwal, Polygon’s CEO said:
“We are thrilled to work closely with the CargoX Team, a company that is renowned for their Blockchain Data Transfer solutions. The CargoX Platform will help thousands of businesses bring transparency, speed and decentralized accountability by tokenizing Bill of Ladings.”
Polygon price prediction
The four-hour chart shows that the MATIC price dropped to $0.7430 during the weekend. This was slightly below the 78.6% Fibonacci retracement level. On the four-hour chart, the price has bounced back and is now slightly below the 50% Fibonacci retracement level. It has also moved slightly above the 25-day and 50-day exponential moving averages (EMA), which is a sign that bulls are gaining momentum.
Therefore, a bullish trend will be confirmed if the currency manages to move above the 50% retracement at$1.5165. However, another drop below the 61.8% retracement level will invalidate this prediction.