- Polygon price rode bullish waves lately.
- The altcoin has recovered around 23% from the weekend low.
- Here is what you may expect as the markets await Fed’s decision.
Polygon (MATIC) sees its price crawling back following a substantial plunge within the past sessions. The alternative token exchange hands near $1.6042, inched beyond its weekend’s low around $1.30. That comes as market players await Fed Reserve’s decision about interest rates.
Polygon Rebounds
Polygon is among the top Layer2 blockchains, aiming to supercharge apps created on the Ethereum network. Moreover, it remains vital as most individuals using Ethereum have many complaints about the platform.
For instance, market participants recognize Ethereum with low transaction speed (TPS). The ecosystem can take even more than 10min to complete a transaction. That is too high as some alternative platforms can handle colossal transaction volumes within a second. Moreover, Ethereum’s transactions appear expensive, the average one costing over $30.
Such inefficiencies had most individuals looking for Ethereum alternatives. For instance, the crypto spectrum saw Ethereum killers increasing recently. They include networks such as Binance Smart Chain, Terra, and Avalanche.
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Layer2 apps are among the projects solving Ethereum’s challenges. They are platform targeting to supercharge Ethereum’s apps performance. Polygon leads in that sector, while others like Loopring, Harmony, and Immutable X follow.
DeFi Llama data shows over 180 applications migrated to the Polygon network. The apps include Curve Finance, Uniswap, and Aave. Meanwhile, the ecosystem’s total value locked is worth over $12 billion.
Polygon sees its price rebounding as market participants await the upcoming decision by US Fed on interest rates. Moreover, experts expect a hawkish tone from the bank today. Nevertheless, some experts trust that stocks and the crypto market will perform well amid the ‘new normal.’
MATIC Price Prediction
The 4hr chart shows MATIC on a massive bullish trend within the past 48hrs. That way, the alt erased portion of losses incurred over the past weeks. However, MATIC remains beneath the 25- and 50-day MA. Meanwhile, oscillators such as the MACD and RSI pointed higher.
Therefore, MATIC can bounce high as bulls aim the critical resistance around $1.75. Nevertheless, Polygon retains a bearish trend as far as medium-term actions are concerned.
Editorial credit: By Dennis Diatel / shutterstock.com
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