- MATIC price retests a critical support area that could propel it upward by 51% to tag the all-time high at $2.70.
- A further spike in buying pressure could propel Polygon by 20% to $3.232.
- Polystarter receives backing from Polygon, a decentralized launchpad.
MATIC price looks ready to bounce after it tagged a crucial demand barrier. With the recent development of a platform that supports projects built on Polygon, a test of the all-time high or a record level seems likely.
Polystarter to accelerate growth for Polygon-based projects
Polygon is known for its developments and a plethora of partnerships over the past years, which has helped many projects scale on Ethereum. In a recent announcement, MATIC, the blockchain that provides L2 scaling solutions, announced backing for the launch of Polystarter, a decentralized fundraising platform for projects built on Polygon.
The newly unveiled Polystarter consists of teams from the MATIC project and aims to overcome early-stage projects’ hindrances.
The blog further reads,
In addition to being a decentralized fundraising platform, we will also enable the projects to access an array of solutions including marketing support, advisory and technical support from a network of ecosystem partners and prominent stakeholders.
More details on the project, including the whitepaper, technical roadmap, future milestones, etc., are yet to be released.
MATIC price eyes a higher high
MATIC price is currently testing a demand zone that extends from $1.652 to $1.783. A decisive 4-hour candlestick close above the 61.8% Fibonacci retracement level at $1.953 will signal the start of an uptrend.
In that case, Polygon could rally nearly 25% to retest the recent swing high at $2.438 on May 26. Following a breach of this, MATIC price could retest the all-time high at $2.70.
If the bid orders continue to pour in, the L2 scaling token’s market value could likely surge an additional 20% to test $3.232, the 127.2% Fibonacci extension level.
MATIC/USDT 4-hour chart
On the flip side, if the MATIC price breaks down the 38.2% Fibonacci retracement level at $1.492, it would signal a bearish breakout. In that case, Polygon could slide 20% to tag the 23.6% Fibonacci retracement level at $1.206.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple update: XRP shows resilience in recent crypto market sell-off
Ripple's XRP is up 6% on Tuesday following a series of on-chain metrics, which reveals investors in the remittance-based token held onto their assets despite the wider crypto market sell-off last week.
Floki DAO floats liquidity provisioning for a Floki ETP in Europe
Floki DAO — the organization that manages the memecoin Floki — has proposed allocating a portion of its treasury to an asset manager in a bid to launch an exchange-traded product (ETP) in Europe, allowing institutional investors to gain exposure to the memecoin.
Six Bitcoin mutual funds to debut in Israel next week: Report
Six mutual funds tracking the price of bitcoin (BTC) will debut in Israel next week after the Israel Securities Authority (ISA) granted permission for the products, Calcalist reported on Wednesday.
Crypto Today: BTC hits new Trump-era low as Chainlink, HBAR and AAVE lead market recovery
The global cryptocurrency market cap shrank by $500 billion after the Federal Reserve's hawkish statements on December 17. Amid the market crash, Bitcoin price declined 7.2% last week, recording its first weekly timeframe loss since Donald Trump’s re-election.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.