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Polygon Upside Price Forecast: MATIC/USD Building on Price Surge

Steve Miley trader
Updated 7 Nov 2022

Trade Crypto Here Your Capital Is At Risk

Key points:

  • Polygon MATIC/USD Surged on Instagram Revealing Polygon NFT Minting
  • MATIC/USD Bullish, Upside Price Forecasts and Projections
  • Polygon MATIC Mini-Explainer

Polygon MATIC/USD surged higher in price in early November after and Instagram’s Polygon integration and Reddit’s surging Polygon Non-Fungible Tokens (NFTs). This sets up still higher price projections for MATIC/USD into November and year-end. We add in a Polygon MATIC Mini-Explainer for those new to this Ethereum sidechain and cryptocurrency.

Polygon MATIC/USD Surged on Instagram Revealing Polygon NFT Minting

The Ethereum sidechain network, Polygon, saw surging its token, MATIC produce surging price gains last week after Meta (META) announced Instagram would use the Polygon network for its forthcoming NFT minting feature.

Ryan Wyatt, CEO of Polygon Studios, stated, “Creators on Instagram having the opportunity to engage with fans and monetize through Polygon-powered digital collectibles is a watershed moment for both the creator economy and web3.”

Also Read: Are these Cryptocurrencies potentially recession proof?

MATIC/USD Bullish, Upside Price Forecasts and Projections

Having been advancing slowly for a basing pattern since September of 0.6903 and previously for a longer bottoming since June from 0.3151, MATIC/USD had already indicated upside prospects. However, the early November surge higher last week after the aforementioned news through the August peak at 1.0549 up to 1.3059 has signalled not only a more sustainable basing pattern on an intermediate-term basis but also short- intermediate-term bullish prospects.

We see the risks still higher for November, minimally through 1.3059 for 1.5054 and even 1.7495 chart resistance targets. Overshoot risks into year-end are even higher, above 2.0000 to 2.0865!

Only back below 0.9505 impulse support would open risk back down to 0.8050/00 and even maybe lower for 00.6903.

Source: Tradingview

Polygon MATIC Mini-Explainer

Polygon is a cryptocurrency that has the symbol MATIC, which is a technology platform enabling blockchain networks to scale and connect. Polygon is a stack of protocols that are intended to fix Ethereum’s issues of scalability. The Polygon platform connects Ethereum-based projects using the Ethereum blockchain.

MATIC is the Polygon token and is compatible with other digital currencies that have Ethereum as their base. MATIC is used in order to secure and govern the Polygon network, plus to pay network transaction fees.

Steve has 29 years of financial market experience including 3 years at Credit Suisse and 15 years at Merril Lynch. Steve is the Academic Dean for The London School of Wealth Management and has won many awards from Technical Analyst Magazine.